I had the broker press him on whether he would consider any seller financing and what price he would sell each of the properties.  

However I'm pressing forward with another property so I will leave this one to others.

You want to upgrade your units to be able to charge that price and that is your bench mark: $700*100=$70K/mo gross potential rent.So, your immediate economic vacancy is $70K-$57K = $13K/mo or 18.5%Now you take your new gross potential rent and subtract physical vacancy of 10% (long term assumption), 2% for collection losses, 2% for bad debt, 1% for non-revenue units and concessions.

A very interesting discussion thread, and while it is true that you will be hard pressed to find a positive cash flowing (or high cap rate) investment in the NOVA area, I found that buy and hold to be an effective investment strategy for this area.

In California with high end work, I would be hard pressed to find a contractor who would accept a late-penalty contract right now.  

., pressed-board cabinets?

Most of it can be done in a day or two if you can clear your schedule.If you can fully satisfy yourself it is all kosher - press forward!

You might even be hard pressed to find a property management company that will manage a bad D class property.

So onward we pressed looking at home after home only to realize that the first deal was the best value.

With residential properties, it has been our practice to place a 5-yr, variable rate mortgage and set our payments was if we held the bench-mark 5-yr fixed rate.