It really depends if you can get a great deal on the purchase price, and yes adding value seems to be the smartest play. 

Income approach should play some role, but not major.

But then again  million other factors come into play besides just financing.

The accusation and actual wording play a major role in the process.

I live, work, and play in downtown San Antonio and i'm extremely familiar with all the action that is going on in my backyard.Id be happy to meet with you when you come down @Chris Hutchens and anyone else that is looking to acquire additional market knowledge in the San Antonio area.

While you are in the phasing of preparing, I recommend getting the board game Cash Flow and playing with friends. 

If the market value numbers above are correct then you def will have a nice chunk of change to play with.  

.🌱 Whether it's painting, hiking, cooking, or playing an instrument, hobbies give us a chance to relax, get creative, and just feel good.🧘‍♀️ And here's the kicker: hobbies are like natural stress-relievers.

I played the part, she lost, and it took an extra three weeks to get her out.You can't take it personal or it will wear you down.

And if a group is out there projecting that 20% IRRs are still achievable for a typical value-add play, I get very suspicious, and ask for a lot of "projections vs actuals" on current deals to confirm their assumptions.