Commercial Multifamily listings advertising 100% occupancy

[Vincenz DeCastro]

Long story short, I'm new to the REI world and have been steadily approaching my first deal. I've been analyzing multifamily commercial listings seeing apartments from as little as 8 units to as much as 200 units throughout the greater Austin area. I persistently come across an overwhelming amount of properties advertising 100% occupancy with minimal-mild value-add repairs to be had. In analyzing, I would often calculate a 10% vacancy into my expenses (shout out to Michael Blank), estimate repairs, adjust rents, and usually wind up with very little in return in regards to cash flow and ROI. The ARV leaves a good amount of money in the deal when refinancing which is not ideal in regards to growth. Curious to know, assuming these occupancies are high and stable, if people are purchasing matured properties with slim margins as so and if they are able to attain good ROIs within a 5yr period. Seems easier to invest in bonds. Thoughts?

I'm looking to reposition smaller sized apartment complexes as I am aware that there is a lot of value to be had from properties with a higher rate of vacancies and underperforming mgmt to begin with. I plan to just continue hunting down more promising deals to analyze and offer on if promising but was wondering if what i'm seeing above is typical in the market. 

Thanks in advance! You all rock!