When the property is fresh on the market you probably won't make much progress on their price but after a few months and a few reductions you can negotiate a little harder......but those properties usually aren't the gems that owner occupants are looking for.

Some I have found very helpful, and I find that if I sift through the garbage I can usually find a gem of thought from most every program, in order to formulate my own that works for me.

So, I've been in search of my first multi-family and think I uncovered a gem, but I'm still new at running all the numbers so I was hoping to get more experienced eyes to take a look and see if I'm way off base, missing something, or if maybe I did find a genuinely good deal.Here are the main details:2,400 sq/ft brick duplex, 2b/1bath each unit, fully renovated, new hardwood throughout, tenants pay utilities, etc.List price: $79,900Expected purchase price: $72,000Initial investment:25% down: $18,000Closing costs, inspection, etc.: $3,000Improvements/Appliances: $5,000Total cash outlay: $26,000Annual expenses:Property taxes: $750Insurance: $700Annual maintenance: $500Advertising: $100Property management: $1540Mortgage: $3,28310% vacancy: $1400Rents:Going rents in the area for similar properties of this square footage in the neighborhood range from around $700-$950/month.

A quick bit of research into Lafayette, LA tells me you may have a little gem there if you market it right.

Changing realtors might help you, having a good one in your team is always a good idea but not necessarily will dramatically increase your odds of finding a gem in the MLS.

Your ARV looks low based on many of the recent flips we've seen- we are seeing 3bd/2bath's at ~$200k at the interior of the neighborhood.East Point is in general a very poor investment, with some small localized exceptions- Jefferson Park is one of the gems.  

Jamaica is an area of interest to me, because I think there may still be some hidden gems.

Marketing to motivated sellers I come across these gems every once in a while, but they are rare.

I could just image dealing with this in my 60's...I had an offer for $0 down, seller carry. stuff like that.What I learned about the area is that your buyer in that low end home ($75k) range is really looking for more of a manufactured home and that price. this house was not a gem by any means but it was cleaned up nicely, had some great space and an open layout.

Geelong actually has buy and hold cash flow gems lurking.