Should I buy when I can't raise the value?

[Matt Baker]

I'm finding a lot of places that can produce a small amount of positive cash flow but none of these places offer good opportunities to refinance in a few years. Either the amount of renovation won't increase the after renovation value or sellers are asking fair market price without any room to negotiate. Does it make sense to buy without being able to raise the value of the place? Average prices for my area are $400k-$600k for 2-4 unit buildings.