Multi family res. investments

[Sara Als.]

Hi everyone, I am new to this site but not to totally new to real estate. 

I wanted your expert opinions on multi family residential investments. In today's market, most of the multi family listings in my market of Atlanta are listed at the higher end of the price range and sometimes overpriced, obviously it's a hot RE market. I would like to purchase one of these but what I am seeing is that I would be paying a premium (unless I buy a property that needs a rehab, a foreclosure, etc.). 

Does it make sense to purchase when the property history shows it was purchased 2-4 years ago at 50% cheaper than the current listing price? I find many properties with NOI that I like but knowing that the initial cost is really high and that I would be purchasing at what looks like the peak is pushing me back.

What are your thoughts? 

Sara