One of the best ways to learn more about how tenants in apartments behave is to talk with other owners and mangers who you contact through membership in apartment associations.

I'm going to be having my realtor schedule a walk through later this week and then will have more complete financial information with which to evaluate this deal.

Even those with experience seem to be having a hard time finding opportunities to flip houses.I am hoping the responses here will tell me this is just a perception problem on my part.

Update to my post from a few days ago:  I found a great article on fix-and-flip taxes and how those taxes behave in various scenarios, including 2 year live-in projects. 

It seems asinine to an experienced investor to wire money or behave foolishly to unlicensed people you meet online, but people still do it, and just because someone says he is a Private Money Lender does NOT mean he has any credibility whatsoever. 

Not sure how that can be, having view a general front elevation photo - not specific). 

You may want to do some more reading here about "private lenders".I don't rain on parades for the fun of it, I'd rather have more constructive conversations, but you need to stay away from a mortgage broker running a pool, while they have a sales pitch for your money, you don't have the security you may think you do and most try to fly under the radar, that's because they are not compliant with federal laws.The broker who ran a pool here had a great spiel and swore he was up on everything, one of his investors had an investigation done, the guy couldn't cover the debts owing, went bankrupt, then the FBI moved in, hammered for everything from selling unregistered securities to mail fraud (he used the mail) and today be will be having his lunch in a federal prison dinning facility.

I would not build anything that was not going to be have some built in equity, which might be hard with your numbers.

I would NOT extrapolate that out to the market, though - hardly a large enough sample size.I have a feeling this is fairly neighborhood specific - some areas certainly behaved differently than others during and after the recession.  

How costs behave in this case when you have a vacancy.Some factors that would vary with vacancy would include a portion of utility bills, portion of maintenance & cleaning costs, a portion of property management feesCost that would not vary with a change in vacancy would include accounting costs, insurance, property taxes.Sensitivity analysis would require significantly more information and I'm not at all sure that it would be worth the effort for small apartment complexes.