And will you have ongoing maintenance issues beyond your CapEx based on the building's age.I personally would be suspect of this deal.

I was sent an offering memo by a broker selling a multi-family building in an area no reasonable person would even consider affordable housing material yet the marketing materials made a point of emphasis to detail how the property would satisfy the need for affordable housing.

REPSTracker on the App Store

If not, you may not even be able to finance this on a conventional loan.

Sounds like you're asking for a private lender to go into second position to convert equity into cash behind an existing loan on these properties. 

Quote from @Dan Liston: Last week I finished foreclosing on four properties. 

So you may have a struggle on your hands trying to prove to the appraiser whether it's an actual "bedroom" or not.  

Look at the amenities offered by top-performing properties in your area and aim to meet or exceed their offerings.  

Look up local investors on social media and follow them and comment and like their posts so they get used to seeing your name.

Wife worked at the time so that helped on first home.