Lower equity - with FHA loans, closing costs are expensive, but you can often roll some or all of the closing costs into the loan and pay next to nothing at closing.

Excellent.

This seems especially reasonable for a remote property with a lot of cash invested.Thanks for all the excellent feedback!

Since you're not going to occupy it, you'll not get the excellent rates that are available right now for those that do occupy.  

excellent! 

If you are able to buy at a discount and want to get most or all of your cash out of the deal and use that same money on the next property without having to wait 6 months and are willing to pay higher points and fees for that flexibility then you may want to look into unconventional financing where there is no seasoning period.  

Strong lease agreements and excellent tenant screening can help minimize risk and since you will likely be close, you can keep an eye on it.

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

Kathryn Wilson is now at Chicago Title and she does an excellent job with assignments, double closing, or anything an investor would need or want. 

Thank you Douglas Skipworth That event coming up sounds like and excellent idea to network.