And it's ability to let you take advantage of all of the components of the IRR to maximize your return. 

Granted, we err on the side of doing things right the first time, but projects like new roof or new windows cost a lot and don't have that much impact on the appraisal, as long as the existing components are still in acceptable condition.

., I like how @John Karg is tossing the Internal Rate of Return components at you so you can get a true perspective of how that house is performing and can perform. 

Most of the frustrations seem to come from the unexpected stuff that pops up, but good systems, processes, and teams take out a lot of the sting when things come up.

I'd say the critical component to securing a worthwhile multi family investment (and any real estate for that matter) is timing.

The investment game is all just math—if you do the math well (which includes accounting for the unexpected by low-balling your estimates) then your investment decisions don't have to be stressful emotional ones, they're just decisions that are either smart or not smart after you break them down on a calculator.Which extends to the last point that I've come to believe completely—your rental portfolio is a business.

Maybe it will make Mike think a bit more about Cash Flow and that Negative or Positive Cash Flow is JUST a component to be used in an overall calculation.There were several that tried as well an most were very close!

Is there a value add component or these are market ready?

And than I explained, how old is the roof, the entry systems, unit cabinets, flooring, asphalt, heating plants, water heaters, all the component's that are necessary to generate revenue and that have life spans, that wear out, where are they at in there life span????? 

While some of the condos do also see special assessments, you can also see large unexpected expenses with a single family home.