I was just in a cafe today reading how a recession is on the horizon in Fortune magazine.

I am looking to broaden my horizon in specifically the Multi Family arena, I have a real interest in that.

My point in suggesting you contact the listing agents in simply to broaden your horizons when it comes to Realtors.

They wanted a storm shelter in the garage, I thought we were going to have to get in the day we dropped it in, funnel clouds on the horizon.

To be honest nobody really knows but look at it this way, you know you can't time the market so if your time horizon is 50 years from now the best time to be invested is now. 

With June on the horizon, I don't expect any rent coming in.  

If all is old, not uncommon, then 10% capex might work over a 20 years or longer horizon but keep cash reserves to possibly invest in it much earlier, like in 3 months.

As for IRR, I used a 30 year time horizon, and used pre-tax cash flow at current rents for the first 5 years then for the next 25 years, I used the increase rents that I think the property could get for years 5-10, then for years 11-30, increased cash flow by 1% per year and then sold the property with no tax consequences (1031) in year 30 for $250,000.  

Not every property is a deal, but there are definitely some in the Tacoma market that can still cash flow and there is some appreciation on the horizon.

You may need to broaden your horizons and drive and become familiar with more neighborhoods.