Are their listings detailed with good-quality photos?

@Hector Espinosa While cap rates can vary widely from one market/city to another and from one type and class of property to another (and based on the quality of the tenant), I did a quick search on LoopNet for MF properties currently for sale in SD and most "asking prices" suggest cap rates in the 4%-5% range.

In my market it seems the higher-quality renters want interaction.

Defaults and Remedies A default exists under this note if (1) Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note; (2) (a) Borrower or (b) any other person liable on any part of this note (an "Other Obligated Party") fails to timely pay or perform any obligation or covenant in any written agreement between Lender and Borrower or any Other Obligated Party other than as described in (1) above; (3) any representation in this note or in any other written agreement between Lender and Borrower or any Other Obligated Party is materially false when made; (4) a receiver is appointed for Borrower or an Other Obligated Party or any property on which a lien or security interest is created as security (the "Collateral Security") for any part of this note; (5) any Collateral Security is assigned for the benefit of creditors; (6) a bankruptcy or insolvency proceeding is commenced by Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; (7) (a) a bankruptcy or insolvency proceeding is commenced against Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party and (b) the proceeding continues without dismissal for sixty days, the party against whom the proceeding is commenced admits the material allegations of the petition against it, or an order for relief is entered; (8) Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party is terminated, begins to wind up its affairs, or is authorized to terminate or wind up its affairs by its governing body or persons, or any event occurs or condition exists that permits the termination or winding up of the affairs of Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; or (9) any Collateral Security is impaired by loss, theft, damage, levy and execution, issuance of an official writ or order of seizure, or destruction, unless it is promptly replaced with collateral security of like kind and quality or restored to its former condition.

Conventional is still the gold standard, but DSCRs are a close second for good deals. 

@Warren BellHi with my recent purchase I used the standard CAR form and the people above nailed it with regards to "no assignments" language Line 26.  

Majority of the renters on there are travel nurses which helps with the tenant quality (in my opinion). 

The costs involved in renovating a distressed property to the same standard as constructing a new home on an empty lot may ultimately amount to a similar total investment.

Looking back 10 years this complex had dues increase for most years at around 3% but for 2023 it was 18% and 2024 19%. 30+ year old complexes really start wearing down and many times were not the highest quality construction.

Quote from @Patricia Via: Why lower your standards or add risk by accepting tenants with quirky history?