I am new to the group, real estate investing in general, and trying to learn so that I can take my first step into real estate.

@Jacklyn Robins not trying to be difficult, but how many Class C or D properties do you have besides this one?

What is the appreciation, condition, community, class level and vacancy rates?

Yes, #1 isn't exactly true, but it makes a point that not every landlord and rental can expect to get an A/B class tenant.

I know the area like the back of my hand and believe Indiana has tons of upside to invest in.I came from a low-middle-class family of teachers.

In other working class neighborhoods, off street parking is not as important.   

Have you figured out what market / asset class (single family / multifamily) that you're wanting to invest in?  

I'm looking to enter this asset class at a smaller price point to learn it more.

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

I'm not trying to insult you, but the terms "36-Unit Multi-Family" and "First Time Investor" should not go together.