Whenever I see properties that are being sold by an owner who did SROs(renting by the room) they are usually in rough shape.

She did not keep the house in good shape while she lived there for 20+ years and she smoked A LOT.

Consider long-term goals, market trends, improvements, tax benefits, and flexibility.

For me this involves making a lot of spreadsheets, but I will give you the outline.1)Establish risk capacity and tolerance: Capacity=how much can you afford, and tolerance=what you actually feel safe spending2)Use that information to narrow down what is available to buy: The amount will buy you a duplex in PB with 2 1/1's, will also get you a 4plex in Lemon Grove with 4 2/1's3)From there do the research on all of the available units that fit your criteria: This includes, but is not limited to, historical data on appreciation, market rents, historical rental data, and migration trends.4)Don't be afraid to wait for the right propertyI hope that I was able to simplify my process for you in a way that is helpful.

The building is in excellent shape with $500k worth of gut renovations done to 2 out of 3 units, and a full exterior renovation. 

Pricing and vacancy trends are hyper local but I've had to drop my rates significantly from last year's rates and I still have more vacant days in August than I have ever had in over 10 years.

It’s important to decide if you’re aiming for cash flow, appreciation, or both—this will help shape your investment choices.

It's very, very hard to win with a FHA loan in New Jersey now because there is a lot of competition and the properties need to be in good shape to pass FHA inspections.

Trend up a bit if you think they're under charging. 

I have noticed an interesting trend that's been more and more common since about 2018.