The appraised value seems low and I am trying to understand the best strategy to challenge this value and the cost / benefit of going through the condemnation process. 

. $480,000 sales price, and all 8 units are rented out at $750 but could easily be raised to high 800's or even low 900's.

I grew up a Carpenter, so being able to rent a unit and fix the other seems like a low risk option for getting started. 

Bought a 5 plex in 2022 insurance was $1500/year (which was low). 

Flipping can be cost-effective due to lower entry costs and growth in neighborhoods.

In my ideal scenario, I would do some more entry level projects to start off while I learn the ins and outs, but my goal would be to eventually work on more luxury flips - larger scaled projects in more desirable neighborhoods (though fewer and farther between).  

Purchase price: $925,000 Cash invested: $200,000 13 Unit Multifamily property in the Waveland neighborhood of Des Moines, Iowa. pre-acquisition: 7% under MR and 15% vacancy/bad debt.

With such low rental yields, the return on investment (ROI) and cash-on-cash (CoC) return are negative when factoring in mortgage payments only, not including any other factors.In this market, it seems almost impossible to make a profit using traditional rental property investing strategies.

Rates will be 10-13%, depending on the terms.A HELOC can be a good tool to leverage your equity for a down payment without touching your current low-rate mortgage.

My goal is to spread my funds across multiple investments to grow my portfolio while keeping my down payments as low as possible.