What is the AVERAGE C class rental like in this neighborhood?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

However, the best way to get market rents is to call local competitors of multifamily buildings and "secret shop" them as if you were a renter.

I’ve seen investors spread too thin by picking up multiple inexpensive properties in less desirable neighborhoods, only to be hit with constant maintenance issues and tenant turnover.That said, there are still opportunities in the Midwest where you can find properties in stable, growing areas.

Each is about the size of a large plastic container or shopping cart, and they mount right to the wall.

I used a local independent agent and when this was his best answer - I tried to shop for other options and came up empty so far. 

The one concern would be the class of neighborhood and financing limitations (much less options for financing)

Unfortunately most investors believe their excel spreadsheet will provide all the answers but I recommend combining your pro-forma with a greater emphasis on physical interaction with the properties and more importantly neighborhoods where you decide to invest.

It wouldn't hurt if you wanted to do that now as they could provide good information as you move forward and make decisions.Benefits: building a relationship, shopping firms to get the best fit, knowledge regarding big financial decision before they occur, knowing if  you're making any major mistakes, determining if your plans will actually help you tax wise SummaryIt might be too early but only something good can come out of a meeting with a knowledgable tax professional earlier rather than later.

The neighborhood has an HOA.