I would only add that while they are the majority player, Fannie/Freddie aren't the ONLY secondary market out there.

What class (A,B,C,D,F) property is it?  

If you want an image of a big player, dealing in multiple strategies or areas, you have departments.

Within each post code, there are usually A, B, C, D and F neighborhoods which can be quite close to each other - which require LOCAL KNOWLEDGE to determine.Your Real Estate Agent believes (by definition) that $52,000 is the highest price available from the market at this time, which therefore means that $52,000 IS its market value.

Improving the comfort and efficiency of the building is part of the deal.That said, the bigger players in our area are not quite there yet - most still seem to operate under the mode of "unload utilities on tenants" to improve the bottom line.  

Diary entry One- I just spent a month doing the due diligence, aligning the management team, developing relationship with key players (particularly the lender), and I am almost there.  

Dominated by 1-2 big players that are not the nicest of people...

I've got two calls you'd appreciate.One is with a Major League Baseball player on his $1.7MM house and the other is with his financial advisor who you will hear tell me he understands I'm going to make over $100k on the deal and has no issue with it because I deserve to be paid. 

I'm a poker player myself and love the game.It sounds like you've come to the same realization that many other investors, particularly in California, have come too.  

If you can cover 1.20 or better, then you're in good shape. don't limit yourself to just regional players.