Most likely once you cut open a hole in your sheetrock you will se the 2x4 wall framing, and more sheetrock, which should be doubled 5/8" fire rated sheet rock.  

I have been offered to invest as LP in multifamily apartment deal.Underwriting is supposedly conservative and based on current cap rate (4.5%) and interest rate (7%) so if interest rates go down (which may as Fed has already started cutting rates), returns can be better than the projected ones as can have more buyers for Class A property in few years with lower mortgage rates.

Anecdotally, one investor in our network has had to cut price multiple times on two of their currently listed flips in Tampa given the amount of properties on the market.

You can couple that news with the news out of China today that they have decided to cut their interest rate, lower Bank Reserves, (banks can lend more money) and make it easier for people to buy houses and they are also actively pumping money into their stock market which is to say we were going to have the massive inflation going forward.

That property had his tenant shot and killed on the property, and copper cut out multiple times every turnover.  

The tenants lease also ends in December, the court date seems to be cutting it close.

(note not all the ones below are in default)422 S Oklahoma Ave, Elk City, OK 73644 | MLS #1095264 | Zillow15154 Appleton Blvd, Port Charlotte, FL 33981 | MLS #TB8300903 | Zillow  I looked up the one in Elk City, they bought it for $5,000, then listed it for $200,000 and now after 8 months of price cuts $110,000.

We're just a small company and I figured I would take a short cut by asking. 

I would just be cautious about taking on such a high cost basis this late in the cycle because when we see the next buyer’s market it will probably cut into your equity.

It's not a zero sum game and they don't have anything to gain by telling you straight, ie they're not going to tell you it's a chump fund if the underlying structure is solid.