Determining value on vacant apartment building

[John Pearl]

Greetings,

I have recently started analyzing some deals in the small apartment building realm. For the past year or so, I have been reading everything I can and scouring the BP forums and now its time to start taking some action. 

When determining the value of commercial multifamily, I understand one would apply NOI/Cap Rate. But what if a property has been vacant and boarded up for a few years?

Any feedback would be much appreciated. Additionally, I am currently in CA and looking for places in AZ/NV. Any other recommendations in regards to getting started with out of state MF investing are welcomed as well!