@Irene Morgovsky what you are experiencing is that rents do NOT increase linearly with property values.Or look at it another way, the pool of renters that can afford higher & higher rents, shrinks faster than a corresponding pool of buyers.You could look into making it a short-term rental to try to improve rental income, but:1) Is it allowed in that area2) STR rates are coming downYou may have to accept "negative income" or sell.

The main issues are: 1. gross revenue has been less than half the projections the PM initially provided and what is on AirDNA, and 2. gross revenue has dropped 30% from last year to this year despite me investing over $125K in improvements (new pool, new fire pit, new landscaping, new dog yard). 

You need to find short-term purchase and rehab financing (i.e. hard money or private lender) to acquire and improve the property.

Based on my income, I’m unable to afford a multifamily property, and the deals I’ve come across haven’t been particularly attractive.My brother, who earns $90K a year, is willing to co-sign with me, but his $100K in student loans doesn’t really improve our pre-approval prospects.

Essentially, there must be a paid parking footprint in the area already.The ideal asset would cashflow from day one with the ability to add value via technology, operations improvements, and/or NN lease addition (or renegotiation). 

Realtor says another deal fell through because it didn't fit their needs for an event location.We'd be coming in with 20% and look at about $10k in initial improvements. 

If the numbers work for you (Cost of acquisition + cost of repairs + loan costs vs Final value) then it could be a deal.....Speaking of crawlspace, make sure you have really good ventilation under there...

This helps break down the purchase price between the land, the trailers (which may qualify as personal property), and any improvements like utility hookups.

Just to update this post, appfolio has done a ton of improvements. we are using it now, we have close to 700 investors and we have had ZERO issues with it.

Even though they planned to refi after five years, the seller financing did not require it, it was a 30 year term.Overall I think I did a decent job of evaluating the property (still some room for improvement there), but not the people.