Quote from @Noah Laker: I'm a local broker and investor, and manage 100+ Airbnb properties for clients.

.), worth of replacement properties, not $500k.

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 The property is a 2 bed 2 bath with a den and a 1 car garage.

I think the easiest way is just to set up an excel file for the property and put together a punch list, room by room. 

I'm looking to exchange a multi-use property I own in the Bay Area for a multifamily property in Phoenix (looking at 15-19 units).

I have found that multifamily properties tend to cash flow better than the single family homes. 

I would get a bridge loan to acquire the property if it needs to be rehabbed and/or closed quickly.

If there aren't any massive physical problems with the property, it appears you can grow income and equity.You might be able to buy this with little cash out of pocket if the seller owns it free and clear and was willing to finance nearly all of it.  

Everyone who has done this for a while has had a property or two like this one. 

I have an opportunity to get into a property that doesn’t have any true equity, but the terms are really good.