Each strategy may demand the use of a few different metrics (cashflow, cash on cash, cap), but generally speaking there's a pretty short list of metrics that are used to perform a basic analysis of most residential properties, whether it's a SFR or a 250 unit apartment community.  

Assuming that’s a performing $35K note you have 80% chance it will pay off early.

Your description doesn't sound like a place that needs a full time manager so unless they are performing other services that cost is way out of line and I find it hard to believe an association can remain solvent giving up 33% to a pm. 8% for reserves is actually pretty low in most cases.

Passco by their As investors in Passco's "The Shelby" DST we are VERY unhappy with the return on the investment and the excuses for this performance.

As such, it really depends on the individual investor and the specific market they are operating in as to what strategy will perform the best.

Do they perform property inspections?

I would like to approach whoever holds the note asking them to assign the note to me for say 15K. the note is non performing at this point.

Past performance we saw about a 1:20 ratio for accepted offers. 

Both performing and not performing.  

There is a "boots on the ground" advantage; between local networking and simply knowing the city better we can find deals that others might not be able to take advantage of.As a local, I think the additional investment in Memphis is a great boost to the city.