My friend is a full-time contractor/investor, so I am sure he has had a multitude of situations arise over the years.

But really, I would leave it alone, sheet rock and paint covers a multitude of sins too.

.*)---To recap and further clarify on the issue of trying to value a property that has a multitude of deficiencies (high current vacancy, repairs, etc.)

I don't know the cap rate and I'm not that familiar with the calculation you are referencing.Also, I might have an appraisal issue as it comes back under $160k due to a multitude of foreclosures close by.

There are a multitude of variables and even if you are comparing (what you think) is apples to apples; it's likely not going to be the same rate if you are in one state and the other property  you are comparing it to is in another state.

I understand that there are a multitude of variables that affect a situation like this, but I'd love to hear the input from the guys with experience in this!

Unless you have a multitude of years/experience behind you,  you can't go wrong partnering with someone who cares about your success and can teach you what you don't know.  

Considering FAMU and FSU student population in multitude I suspect the cleaning and any other services are going to be high and in high demand. 

It seems to me there are a multitude of options but this has been the winner in my mind.Pour all your excess income into your student debt until November.

Let someone else manage the multitude of phone calls.