We are chasing add value apartment complexes of 32 units or more, priced between 3.2M - 4.8M, purchasing all cash while using SOFR or Fannie as contingencies, targeting a 6-8% cap upon entry and want to operate sub 5% for stabilization.

Further, running a very quick and simple valuation based on $900 rents, 8% vacancy, 25% op exp margin, and a 9% cap rate, I'm coming up with an ARV of around $83k, so I'd pass if I were you unless you can get a much lower purchase price.

It is difficult (though not impossible) to make condos pencil out for a positive ROI is tough (but not impossible). 

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.

unfortunately, I think you are right - it's a difficult market for investors, period. 

For rentals, focus on cash flow and metrics like cap rate (target 8%-10%) or cash-on-cash return.

How difficult or easy has it been to get tenants secured in that area?

Hi John,No cap on the amount of DSCR loans you can get.

To me, QB felt like overkill and I found it difficult to use since I don't have an accounting or bookkeeping background.

But, the self-sufficiency test for FHA loans can be really difficult in SF, meaning that the market rent from units you will not occupy must be sufficient to pay for the mortgage payment.