To further this topic, do you use the 2.5x and 3x as blanket criteria for C and B class neighborhoods or do you also consider sub-communities (e.g a nicer complex in a C area or a more run down in a B area)?

Many of the units in our complex are vacation homes so these "reserved spots" sit empty for the majority of the week. 

Pros:Easier to buy properties at better pricingAble to adjust and sell in declining markets to buy in upcoming marketsForces you to learn and get educated on all the real estate complexities.

Dear all,I am looking to invest in an apartment complex between 5 units to maybe low teens (13,14) near a college campus under $600k.LoopNet has some inventory, but as mentioned in other forums I would rather get it hot out of oven.

Given that apartment complexes are priced on the amount of income they produce, how will this property be worth 1.7 million after reno and still have the same rent? 

But I have been a broker/owner of a property management company for several years.I am interested in purchasing, along with other investors, an apartment complex located out of state (out of the state I currently manage/broker in).  

As opposed to apartment complexes going for $40-$50K per door.

I am going to meet property manager in a few days and will ask to see rental history, vacancy rates of complex, etc. 

@Joe GarvinThank you for sharing your experience so far.Are all of your units in the same complex?

Since then, we have acquired 3 more homes and two apartment complexes, all within the general area!