I've seen way to many multi family properties just get into that death spiral of a slum lord and horrible tenants and it's just one band aid after another until finally the owner extracts whatever they can and exits.I personally would want to be buying something at a little lower price, perhaps redeveloping, etc.Build value rather than extract value.If the assumptions above mentioned check out and you're happy with those returns I don't see a major hurdle ----  big however though is that you're only outperforming your cost of capital by maybe a percentage point?

A little background information that is relevant to my questions are my wife and I each bought homes in the spring of 2017 (myself in Spokane, WA March 2017 and her in Coeur D' Alene, ID in April 2017).

I'll have about $10k around March if I need to wait.

I'm considering going to FL...but can't refinance until March or May. 

I would have the general area as C but specific areas range from D+ to B- and our particular units in that area are C to C+. 

They put a band-aide on the house doing as little as possible to improve the property before they resell it for the average comp.

They put a band-aide on the house doing as little as possible to improve the property before they resell it for the average comp.

They put a band-aide on the house doing as little as possible to improve the property before they resell it for the average comp.

They put a band-aide on the house doing as little as possible to improve the property before they resell it for the average comp.

Thanks @Bob B. and Mike M.