I joined BiggerPockets specifically to address this and to build relationships with people from diverse backgrounds and locations.

But based on the location and the market I am thinking that is probably still too high.

@Paul CijunelisYes, this property is located in indy.

And you are picking a location that totally disables the #1 reason why you should buy real estate.If your first deal goes bad, there will never be a second one.

I won't veer from my qualifications-- quality location, value add opportunity from the get, proper price entry point.

A roof, HVAC, and foundation on a $80k house cost the same as a roof on a 250k house (assuming a similar size but better location) with a similar PITI to rent spread.

These hotels are almost all ideally located right on the strip, and loaded with amenities like room service, restaurants, bars, and casinos. 

If the landlord's lease with the other tenant provides that tenant the exclusive right to sell certain products or services at that location the landlord might have put themselves in a bad position.

@Joe BellevilleTo build a successful multifamily property portfolio in Grand Rapids, set criteria for property type, location, and budget, build a team, analyze deals using the 1% rule, leverage house hacking, leverage local knowledge, prepare for tenant management, network, and focus on long-term goals.

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?