The only time I would ever go back and offer less is if I uncovered defects I was unaware of during an inspection period in my contract.

So, I've been in search of my first multi-family and think I uncovered a gem, but I'm still new at running all the numbers so I was hoping to get more experienced eyes to take a look and see if I'm way off base, missing something, or if maybe I did find a genuinely good deal.Here are the main details:2,400 sq/ft brick duplex, 2b/1bath each unit, fully renovated, new hardwood throughout, tenants pay utilities, etc.List price: $79,900Expected purchase price: $72,000Initial investment:25% down: $18,000Closing costs, inspection, etc.: $3,000Improvements/Appliances: $5,000Total cash outlay: $26,000Annual expenses:Property taxes: $750Insurance: $700Annual maintenance: $500Advertising: $100Property management: $1540Mortgage: $3,28310% vacancy: $1400Rents:Going rents in the area for similar properties of this square footage in the neighborhood range from around $700-$950/month.

Ralph Sipes--specialises in business law (but he's helped me with real estate a few times)

Personally, I learned to truly love knocking on doors and tap into my "inner Columbo" and become a good investigator of people's situations to uncover the facts and circumstances and especially the opportunities. 

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

They do bi-annual property inspections of units which always uncovers something fairly major i then have to get fixed (ceiling falling down!???).  

I think as I said, it was the uncovered maintenance issues that my poor tenants were living with for a while that caused me to post.  

Elizabeth specialises in Rent To Own investing and teaches this strategy to eager students that want to make this a part of their portfolio.

Even the story of people who get whacked with some massive and uncovered medical expense who file is usually led up to with other bad marks on their reports.

Assuming that they are being assessed at an inflated value rather than what the property is really worth.I would also question why they are so far below comps in rent based on what your research uncovered.