You subject to's can be the normal conditions such as subject to appraisal, subject to inspection, subject to new mortgage...etc.Or they can be as creative as possible in order to make a deal happen in your favor.Here is a creative subject to; subject to owner including the grand piano and vintage pool table to be included in the sale of the property.

The name escapes me ;-)This is not a comprehensive list and yes, I like the words awesome, huge and the ;-) emoji.Downtown Phoenix has and still is attracting droves of Silicon Valley tech companies due to our attractive pricing, taxes, living- and working environment.Scottsdale has been the world center of HNWI and UHNWI and their luxury-, equestrian-, vintage car-, golf- and art-gatherings in the world.

I usually have that age vintage in the 8's or 9's.They have and incredible amount of operating expenses with vacancy.28 units managing from afar does not allow proper structure in place for a full time manager and maintenance person.They have at about 61% but if other capex or problems are coming that cap could go to a 6 etc.I do not know that are so if it is in an amazing area and sitting on a bunch of land the dirt might make up for it.

If this is just an old lease written a long time ago by the current tenant and former owner it could be just vintage lease.The current cash flow doesn't work.

We bought a sixties vintage home as a live-in renovation project.

Vintage BiggerPockets lol.

There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

Negotiate a full release based on the asset having lead paint, asbestos, etc. that you are almost certainly going to find in a pre-1980's vintage house.Remember: "What's good is bad, and what's bad is good."

If you know what percentage a line item should be and it appears out of whack there is a reason for it.The seller has been cutting corners somewhere to make THEIR actual numbers appear better than micro market averages for the area.Also and this applies to other asset classes specifically you will see in retail centers for example the actual numbers average to 14 sq ft but are vintage leases.

Leases are key with the stated income and profit might be off of vintage leases at high per sq ft amounts.