This data only includes the 19 small to mid size cities and towns I am interested having investments in.2016 Multi-Family Sales2 Unit Apartment Buildings in my Farm took a dive last year, would have been a good time to buy a 2 unit building but I opted for a 3 unit with better cash flow.59 (2)unit properties soldRed line is the sale price, Blue line is the list priceThe average sale price for the year was close to $65,000The average Discount from list price averaged $9,000Only 10 of the sold properties were purchased at list price or abovePrice per unit was a whopping average of $28,6543 Unit Apartment buildings in my Farm did a little better on price the building I purchased was the last 3 unit in December in 2016 at a 10% discount from the list price and about 11k below market rate at that time.13 (3)unit Buildings soldRed line is sales and the blue line is discount from list price.The average sale price for the year was close to $83,000The average discount from list price was $9,000Only 1 building was purchased at 5k above list priceThe average price per unit was $27,4872017 Multi-Family Sales2 Unit apartment buildings in my farm this year are not suffering as much of a hit to price this year although the average price has continued to drop but only slightly.62 (2)unit Buildings soldRed line is sales and the blue line is discount from list price.The average sale price so far is $58,000The average discount from list price so far is $7,1417 Buildings have sold above list priceThe average price per unit was $30,0003 Unit apartment buildings 201710 (3)unit Building soldRed line is sales and the blue line is discount from list price.The average sale price so far is $75,000The average discount from list price so far is $8,7231 building has sold at list priceThe average price per unit is $25,175SynopsisAlthough there are some minor fluctuations in the NEPA Multi-family market the next chart shows all Multi-Family sales year over year which shows the relative stability of the market.  

If i had to pick it would be under 2M$.Im looking to get properties at a discount to rehab and increase their value.Any other major details i should specify?

@Cesar Garza What kind of discount are you planning to offer him for the flood damage?

There is an affordability issue here at the high end, but tremendous pressure on the low end (which makes it hard to find good rentals). 3.

In my current situation I only have the ability to do one deal per year so I'm exploring the idea of using a HML to buy properties quickly and at a deeper discount.

You have to buy with a good discount built in at purchase for these to work.Example may be  in order.

3) With me being a realtor, I can list the property at a discount rate (still have to pay the brokerage a little fee) and we save about 12K in listing fees (still have to pay the buyers agent, unless I sell it personally). 4) Should we try to get the hard money, or should we be looking for a cash investor that might see a benefit of not having to pay capital gains taxes or listing agent fees, and partner with us?

These are things that are cheaper when you hire contractors who specialize in those things, as they can get discounts on the materials, they own the tools and they can finish the job in probably a third the time as a handyman.For example, painters can generally get paint for 30-40% less than a handyman just based on quantities they buy. 

Also don't fall for the I do it in volume pitch... that is not real.. all contractors have contractor prices at the home depo myself included.. you get some discount but nothing over the top that allows a 25k rehab to be 15k  etc.

In that case, how much should the property be discounted from an appraiser's point of view?