It really depends on what your investment style is.For instance I *loath* debt.

High cap rates, but watch for the fool's gold(a listing with an outlandishly high cap rate, for instance- on those, you'd be lucky to attain half the cap rate.)If you're not planning on having your boots on the ground, I'd say don't start with a property needing tons of rehab- better to start with a high-quality and high-functioning property, build your team, and then go for a rehab if that's what your goal is. 

That is not necessarily the case in this instance but something to think about, also be aware of "service animals" as in most jurisdictions regardless of your no pet policy you must accept them.

The seller can do 1 of 4 things in this instance.

For instance, if it were 10 years ago and you could by 4 units on the beach in Miami or 10 units in a small town in Alabama which would have been the better investment?

I think it may be useful to look at it based on how much future income i am going to have to give the owner to purchase.For instance say my city has had historic cap rates on multi fam in the 7-8% range, but I am going to have to go down @6% to get it done, so that is say $166k on a hypothetical $70k net property, or 2.3 years of noi i will have to give the back to the owner.Would you take this deal or stay un-invested?

For Instance, I just closed on a 22 unit, fully occupied apartment building in a Class A neighborhood in NJ. 

In this instance, I cannot pull enough cash from my current properties to fund this deal.

For instance, if we couldn't come to an agreement on price with the seller, he could say, "Oh I'll just throw in a point or two off both agent's commissions to make ends meet, and we have a deal!"

For instance if you`re looking at a property let`s say 300k 20% represent 60k.