There are low end areas that offer easier price points, and high end, single family and large mult-family, commercial, storage, universities ... 

For example, if you want the pros of multifamily but want absolute minimum management fees then you might look into a small self-storage space instead.

I want to make sure the seller feels protected but also don't really want to move stuff into storage and then have to move it again after closing.

Self Storage is a phenomenal industry. 

But should you get interested in CREI such as multifamily or self-storage, the game rules become much more favorable, since lenders look at the asset and it’s performance, the syndicator’s funding power and partner quality to increase NOI rather than looking at the individual capital investors.

I have an opportunity to purchase a warehouse that looks pretty strong based on the numbers and rent roll I've been given by the current owner. I have a list of the improvements and conditions of the property as well....

We are looking for somebody specific with making converting an apartment in a multifamily complex from a storage unit to a rentable unit.  

We could get an extra $1k monthly without blinking, and there are 3 other ways to add solid income on the property after the 1k (boat storage is super desirable, coin op laundry as tenants drive 15 minutes out of town for laundry currently, small RV park or storage).

If you have others ways to boost monthly income (pet fee, garage fee, storage area fee, etc) it can reduce the other costs you mentioned.

Income Evaluation No of Units Unit Rate Income       2 Bedroom Unit A 1                 650.00                                    650.00           2 Bedroom Unit A 1                 650.00                                    650.00 2 Bedroom Units A 1                 650.00                                    650.00 2 Bedroom Units B 1                 650.00                                    650.00 2 Bedroom Units 1                          -                                               -   3 Bedroom Units B 0                          -                                               -   Garage Units 0                          -                                               -                  -   Storage Units 0                          -                                               -   Laundry Units 0                          -                                               -   Comm Units 0                          -                                               -   Comm Units 0                          -                                               -   Comm Units 0                          -                                               -   Total Monthly Income 5                                    2,600.00 Total Annual Gross                              31,200.00 Total Annual Cost / EBIDTA                                9,911.86 Net Cash Flow (Annual)                              21,288.14 Net ROI 42.39% Monthly Cost of Operation By Landlord By Tenent Monthly Annually Monthly Taxes x                                       137.50             1,650.00   (From Historical Data) Montly Space Rent (MHP)                                                -                            -   N/A Monthly Insurance x                                       100.00             1,200.00 Calc'd Monthly HOA                                                -                            -   Posted Monthly Water/Sewer   X                                       320.00             3,840.00 Estimated Monthly Garbage X                                       160.00             1,920.00 Estimated Monthly Electrical X                                                -                            -   Tennant Monthly Heat/Gaas   X                                                -                            -   Tennant Monthly Other Utes x                                                -                            -   N/A Monthly Yard Maint x                                         20.00                 240.00 Estimated Monthly Maint - Op Ex x                                       260.00             3,120.00 Calc'd - 10% Cap Ex x                                       260.00             3,120.00 Calc'd - 10% Monthly Vacancy x                                       182.00             2,184.00 Calc'd - 7% Screening/Tennant Management x                                         20.00                 240.00 Estimated Monthly Management x                                                -                            -   At Risk - Self Manage MONTHLY OP EXP                                   1,459.50 Total Annual Expenses                                 17,514.00 Total annual Debt Service                                   8,452.36 Net Operating Income NOI                                 13,686.00   Net Income                                       5,233.64 ROI % 10.42% Low/Average CAP Rate (Net Income/Purchase) 2.92% Extremely Low  Cash Flow per Door                                       109.03 Very Low  Tax Assessment  Estimated Expenses - 50% Rule                                       159.50 Conservative Banked Amount - CAP Ex, Repairs, Vacancy                                   8,424.00