Rich...Florida is also ground zero for a massive over supply of condos.

I can see values dropping a bunch but for the cash flow rent rates to drop by 40% something drastic had to happen in the area.Either your property was in nice shape and now it is trashed and instead of pouring more money in you have reduced rents over time OR the area has been hit with massive foreclosures and new purchasers reduced rental rates to rent up fast.I like the idea of the local investor to take it on.I never buy 2/2's unless it's apartment buildings.For resale 2/2's are really hard and do not hold value as well as 3/2's.Some areas it might make sense but not for me.

New casinos seem to popping up across the country and instead of just gambling they are massive entertainment, dining, and retail centers.

They also require no appraisal, no income verification, no tax returns, probabyl no copy of the lease, etc.If I were to go to anyone else, may lenders don't want to touch these, unless they're already servicing the loan, the qualification process is massively tougher.For instance, many lenders can only go up to 105% of value and you have to get an appraisal, Also, you'd need all income documented, tax returns, debt ratios, just like a full blown refinance.

If you can complete a major renovation/ value play it is possible to purchase something distressed and fix up for lower then perceived retail price, however this takes a massive amount of capital and knowledge to execute on the scale of an NYC apartment building.This is not to say that you can't find the needle in the haystack but it is not a scale-able modelFind me a deal that is otherwise and lets analyze it

Yeah, there was this massive block of 35 multifamily properties that most of them jumped quite a lot.

I have a real estate background and created massive spreadsheets with comparable sales, assessed value, market trend analysis, etc. to valuate a potential real estate property.

The massive growth seen in that time was unrealistic, and unsustainable.

The bank or asset company looks at all the reports and then instructs the listing broker to go off of that price to list the property for sale.During pre-list the bank or asset company will not talk to you and you have to wait for the property to be listed unless this is a small local or regional bank where their process and procedures are more flexible.Wells Fargo is a massive bank so you will have to wait for it to be listed.

In Adams County, Colorado, bentonite soils can cause massive foundation issues, and foundation issues are expensive/impossible to fix (especially on bad soil)After that, I would look closely at electrical.