So far, I paid below market rates because the building was severely under managed. 

This will also give us the option to refinance if the rates go down drastically.

thank you ray. do you think me setting their current "rate" at the total amount they have been paying with the property management company is their current rate (2863) or is 2795 their rate?

Yes that can be an option but at the moment right now i have a deal in the works where i would need more then 50K to be able to make the numbers work I also recently went to a random bank and got a LOC for up to 50k at 11.5% interest rate with no fees.

School Districts: When looking for long-term rentals, having a property close to a top school district will help draw in families as tenants.5.

Also, to what degree are people reacting to the new insurance rates?

Its clear that we will need to find a way to increase the occupancy rate, to be able to make profit.

So, it becomes a much more palatable transaction with a ton of upside.He sent me the rent rolls and all the expenses, all rents are at market rate or slightly under but all units have so much growth to have with updating outside/reno bath/kitchens.

Is this the going rate or am I overpaying.

He has a 5.5% rate, which is assumable, but FHA guidelines would require owner occ.