It was in rough condition, which limited competition and made it a strong candidate for the BRRRR method.Negotiation: After analyzing comps and repair costs, I negotiated a $420,000 purchase price, which was below the market value for similar properties in the area.

They assured me all they needed was for the power company to come hook up the power so they can get the HVAC technician in to ensure the HVAC system was good then they can do the finishing touches while the house has Air conditioning and power.  

Plus, multifamily properties often qualify for owner-occupied financing options with lower interest rates and down payments.As for timing, here are a few things to consider:Market Conditions: Keep an eye on local market trends.

I was looking at nyc buildings website for basement dwelling.I saw the conditions but were confused by 3rd and last bullet (see below).

Prioritize stable cash flow, good location, and manageable property condition, while considering strategies like gradual rent increases, expense reduction, and value-add improvements to enhance returns.

All complimented with Amazon fulfillment centers, google, and more tech manufacturing jobs.The bad reputation of “Detroit” comes from OOS investors wanting sub $40,000, D class properties in poor condition, because they pencil out to 2-3% deals on paper.

He did not like the condition of the unit but he volunteers to find the rehab if I used his guy and paid him back in a year.

Separately from all of that - I recommend reviewing your lease up procedures to improve verification of signing tenants and their agreement and aware of terms and conditions. 

Do the condition of the units match market rents?

Depending on the rents and condition of the property, you could find a value or at least a price that would cause it to sell.