My case studies for multi family units

[Ray Williams]

I know that I am years away from being able to even look at the below properties but while I work to get there I plan to learn as much as possible and yes I know that a beginner should be looking smaller, however learn big and start small. I want to know what questions to ask when looking at apartment complexes as well as how to properly evaluate them for profitability.

Property 1

Asking price unknown at this time.

APARTMENT HOMES - real estate - by broker - apartment real estate sale The complex has been fully renovated, each unit receiving new windows, new flooring, new paint, updated kitchen and bath, new appliances, and new HVAC.

-The 64-unit community offers 2 bedrooms, 1 bathroom, and washer and dryer hookups.

-A pool and clubhouse are available to residents.

-The current average rent is $773.00 per month but all new leases are now signing at $795.00.
There are pet friendly units are available.

-This is a gated community and all buildings have coded, secure access.

Property 2

Asking price $1,300,000.00

62 units-- 21 efficiency 34 1 and 2 bedroom and 7 single family homes that are adjacent to the the main complex. The complex was a motel at one point and converted to apartments (not sure when).

I am an open book and would take any advice positive or negative. As I said I have a couple years before I get to the point that I would be financially able to start looking at investments of this size. The owner of the second property will talk to me about the property as a learning tool only as well. Before I talk them however I would like to know what I should be asking. I do know how to read the books as long as they have decent records. 

Thanks in advance for any help you are willing to give.