They have full time staff dedicated to seller/owner outreach and relationships...dialing all day every day.Seems like there would be lots of opportunity in SFR and apartment space in your market with interest rates nearly double caps rates.

Curious, what sort of cap rates do you see in Japan? 

It should have some sort of a cap - surely they aren't taking 15% of a roof repair or expensive plumbing repair...The management fee of 10% during selling is also ridiculous - are they taking a commission when the property sells?

"toilet bolt caps" always make their way onto these repair orders too. 

With $50K and a DSCR loan, your budget will likely cap at properties in the $150K-$170K range, depending on the closing costs and any repairs needed.

We are chasing add value apartment complexes of 32 units or more, priced between 3.2M - 4.8M, purchasing all cash while using SOFR or Fannie as contingencies, targeting a 6-8% cap upon entry and want to operate sub 5% for stabilization.

Are you reserving for cap ex, maintenance & vacancy?

I like the space as this is pretty fragmented vs MH, so cap rates seems to trend higher. 

Further, running a very quick and simple valuation based on $900 rents, 8% vacancy, 25% op exp margin, and a 9% cap rate, I'm coming up with an ARV of around $83k, so I'd pass if I were you unless you can get a much lower purchase price.

Cap rate is about 5.5%, but cash flow is less than 100 USD per month.The TK provider is well known here on BP, and they are known to have a decent tenant management.