I would appreciate the homeowner to spend a moment on the phone with me to form a basic connection, and also provide documentation of the dryer leak before I write a check (since our contractor was unable to get an eye on it). 

I don't have time to go through and thoroughly underwrite this deal right now but a few quick things stick out:-looks like the above is straight from a broker's pro forma in their OM, not based on actuals-your expenses are at 38% including capex reserves, almost definitely too low for this property-there's a lot you're not considering with you CoC figure of 13.42%.

For example if me, my wife and one other person form a LLC that would bring my investment to 33.3%.

Most taxing jurisdictions will reassess periodically (every year or two or three) and recent sales will come up and be used to raise (rarely lower) the assessment.Assume taxes will be based on the higher of (1) your purchase price or (2) the existing taxes when creating an investment pro-forma. 

@Stone Jin There are a few out there on the market currently that according to the pro forma rents posted by the owners/listing agents are at 1% rule.

Plug your numbers into this pro forma, see what your estimated profit will be, then use the local cap rate to determine how much you should offer for the property.

My thought is to get with other smaller managers and either combine resources to help us both, form a legal partnership, or just take over all the units for someone and pay a one time or ongoing referral fee.I'm open to suggestions, and looking to get going soon!

Hello I am just a new member .. Found 4 units offline. Where can i find contract form for sellers to sing. I cannnot go to my real estate agent as buyers wont pay for the agent. From upstate New York. Thanks

What does your pro-forma look like a few years out? 

Chapin and welcome to this great community.feel free to reach out , I have several properties in Rochester and I am currently looking to form a partnership with a locals in order to maximize the properties true potential!