This will then allow me to do a sewer scope if/when the inspector finds a sign of a potential backup.

.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

I'm also looking for stable population and potential appreciation. 

Even one vacancy or non-paying tenant could potentially be a major problem.And yes, there were vacancies, and non-paying tenants, and major problems.

The potential problems mentioned by the responding posters in this thread are real and well thought out.  

Quote from @Christian Styles: Potentially able to help you find someone but I would need to know specifically where the property is in order to know who to recommend.  

There's a lot of timing to consider, and honestly, this potential first cost segregation will be a learning experience for us. 

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

Many of my customers who are traveling nurses buy condos or townhomes in Florida as vacation homes, then rent them out when they're not in town.This system has proven to be very lucrative, as it allows them to service the mortgage debt and generate a good cash flow.