I told him I'd gamble that there's no one who even knows that restriction exists to enforce even if an heir lived in the area...the way to legally eliminate them is either get the beneficiary to record a new document (possibly a QC deed) to eliminate their restrictions, or pursue a Quiet Title if you think the person is no longer around or their heirs are not identifiable. 

Let's assume the property has $313,000 in NOIValued at 6.26 M 5% cap loan $4,695,000P+I annual= $413,400> NOI5.216M 6% cap loan $3,912,000P+I annual= 344,460 > NOI4.47M 7% cap loan $3,352,500P+I annual= $294,708 <NOI cash flow + Are you a gambling man? 

4 doors if managed right can make you, $350,000 over 2-4 years. 2 doors  maybe  $200,000 in 2-3 years.Little gamble. 

I also can provide context of what characteristics each area has.

So many folks will scream that buying negative cash flowing RE is "gambling".

The funds may feel safe, but they are likely not as safe as doing your own work.My fictional, perfect fund would have characteristics like the following: - Double digit simple interest yield.- Uses no or very, very little fund leverage (LOC for less than 20% of fund equity)- Lends in one specific location/region that fund managers have deep operational experience in and which has speedy foreclosure laws. - Multiple unrelated fund mangers with deep experience (so one can't get hit by a bus)- Lends at conservative LTVs, stage-gates release of funds based on project milestones.- All loans are in first position, with senior rights.- Lends only to experienced borrowers- Has good liquidity - 1 year lockup or lessThe problem is that no fund meets all of these criteria.

It was definitely a gamble, because I was assembling furniture up until the night before their check-in :o I only had an opportunity to advertise on FF, because it was the first place we posted and it got enough inquiries right away.

It's more gambling than anything else.

These are just generalities --- each market has its own unique characteristics.

Hi Adam, Since the immediate area may not have many comparable properties, consider expanding your search radius to include neighboring areas with similar characteristics, such as proximity to amenities, major roads, and parks.