Each apt has its own steam loop and thermostat, so they just installed run time meters on each apartment's steam valve and calculate the gas usage from that.

My guess is you and I agree that in the "mom and pop" space (1 to around 50 units) there are deals to be found regardless of timing.What @Deshen Tang is referring to in his comment here is my decision to sell 3,000 of my 4,000 apartment units 3 years ago, just months before the market for commercial multifamily collapsed and prices fell 30-40 percent. 

We do this through ADUs, SFHs, and MF apartments.

The #1 determinant is the Tenant Pool.If you don't believe us, try putting several Class D tenants in Class A apartment buildings and watch what happens.

I have made a Bridge Loan to them on their Pueblo Springs Apartment project--they are passed due in paying off the loan and are not responsive with information to resolve that situation.

The seller was able to walk away from a bad situation with some money in her pocket, we will be helping her move and relocate into an apartment.

Hey Guys, We are a lender based in Houston but we do loans also in San Antonio and Dallas.

This could be fine if it's a part-time STR. 

I have tried to find potential syndicators by literally tracking down who bought apartments that I see clearly have new owners... but in each case, to date, the new owner appears to not be open to outside investors (and so far no local outfits), so that's not working out.

I would say take a deeper dive into the nearby product and see if there is a premium in rents for a duplex unit versus an apartment.