As much as some people like to chant appreciation is icing on the cake.  

At the 4-family level the $240k would start to thin out based on the area you've described you're looking for, since the more professional areas here are also very expensive, and some of them, Clayton, for example, has very few 4-family buildings compared to areas closer to the Arch.Like it's been mentioned, I wouldn't recommend banking on appreciation as part of your purchase -- that's always the icing on the cake.

There is no cookie cutter, one size fits all script to talk to an owner.What you can have is a set elevator pitch or ice breaker and a general guideline by which to go by.That being said, let's talk elevator pitch:First impressions are the most important, they say a woman knows within 30 seconds whether she will give you a chance or not.

My property manager lives onsite.Most of the bad element has gotten out of there.Once they see you will rule with an iron fist they see the writing on the wall and move away.They are looking for a tired landlord to manipulate the situation.I think some of these tenants that act crazy aren't crazy at all.Mainly professional tenants taking advantage of a situation.If any tenant is out of line we won't hesitate to have them arrested.My manager carries and is well versed with his weapons.People can't live in fear.Once they know they hit your wavering point upon escalation they know they have you from then on.If they are a possible illegal alien you could report to ICE and maybe they get hauled away and deported.

@Alissa CollinsHi Alissa, congrats on your first property, I've heard that once you break the ice with the first one the rest follow quickly!

Obviously, there needs to be some ice breakers there when meeting people, it may not serve you well at all to try and bring up money in your first contact.

We love pex, and from what I understand it can freeze but won't break- it has the ability to expand up to 3x in size which will accommodate the ice.  

We're also getting ice dam damage along the lower roof lines.

I own a townhouse near Boston, and there is a leak in the roof caused by an ice dam. 

We're supposed to get a bunch of winter weather (snow and ice) tomorrow evening and into the night.