My property management company is located in Albany, NY with about 350-500 apartments fluctuating.

Does anyone have advice on how to qualify deals/tenants in a fluctuating market?

The ARV's can fluctuate from street to street and the variance could be pretty wide if you miss on your numbers so we're just trying to be sure.The seller has dropped the price 4 times since july of last year.

@Garrett Hollenbach there should be caps on how much the interest rate can fluctuate.

STRs are quite tough to project accurately, especially in the commercial space - we have quite a bit of experience in this area and have since moved away from MF STRs because financing is quite hard to get due to the high fluctuations in income. 

The further you buy from LA, the more fluctuation you'll see if the market dumps at all.I have a suspicion you are working in or around Long Beach?

Property values in many linear submarkets don't fluctuate much whereas values in cyclical submarkets typically will fluctuate (hybrid markets are in between). 

As for cons, I haven't seen any rent appreciation the entire time I've held these properties, and the property values have fluctuated, but currently they are about what I paid for them. 

When it comes to multifamily properties, especially the large ones, we see that rents typically don't fluctuate much.

My rate has fluctuated between 2.75% - 3% on 30 year investment property refi cash out.