I appreciate everyone's feedback. It's a solid C building in a working class community close to parks, shopping and such. The market price has doubled, leading to the potential $1M gross profit ($700K after taxes).
Tenants are custodians, police officer, prison officer, cable service repair etc. I bring this up because their income is capped relative to white collar employees, so despite the current capacity to push rents - there's only so much you can "squeeze" out of them to increase cashflow.
The projected $4,000/month in cashflow 2 - 3 years from now accounts for increased rent (2022 rates) and an adjustment to my mortgage rate (I have a 10 year loan comprised of two 5 year loan periods. After the first 5 years - coming this November - it will adjust to 265 bps above the weekly average yield of US Treasuries adjusted to a constant maturity of 5 years).
With $4,000/month in cash flow and $600,000 in investment that equates to an 8% annual return 2 - 3 years from now (assuming rents don't drop). One thing that I think will surely drop across multifamily are sales price. So on one hand will I could increase cashflow, the other hand value of the property will decrease.
I can take the $700K profit, hand it to a syndicator, get a 7% pref or the same $4,000/month in cashflow as an owner/operator. At the same time, retaining my $600,000 in initial investment. I can use this to likewise rollover at a 7% pref or use it to upgrade my house etc..