You want to get properties of similar vintage and see what cap rates they are selling at. 

Hey all, I just stumbled upon this "gem" on zillow and figured I would share.

A word of caution, you cannot get a 700k multifamily unless the rent roll justifies it (bank only counts 75% of the gross rents) So aim for less expense ones ... maybe you can find a 400k or 500k that will cashflow. 700k is going to be to high rent for you to secure a loan on unless you can find an real gem that nobody can finance.

I reason that if I can get a good grasp on the way a motel/hotel is analyzed for purchase then I may have found a gem....

Sometimes, these aren't on the MLS and they might have a hidden gem here and there.No, we are looking to put the house on the market by next May.

Why is the market only willing to pay $80-120k for these cash flow gems 2000 miles away from you when in your own back yard they pay $400k for less cash flow?

Most of the cheap homes within a few miles of the Minneapolis campus are early 1900's vintage.

Certain vintages which give you a host of problems.Are these 4 units legal and permitted??

Even when we think we've scored a real gem, they end up not staying.  

There are areas in my market, where no matter how bad of a condition the property is, it will sell for a lot of money....but if you look around you might find that gem of a neighborhood with a little less competition and a bigger price spread.