I'm doing some market research for good potential options in multifamily, and I can't figure out a way to quantify an average price per market.For example, in residential I'd use the median house price, but there doesn't seem to be data available equivalent to "median house price" for multifamily (at least not that I'm aware of).  

My thought would be that you do not.Appreciation should be the icing on a cake and NOT the cake.What you CAN quantify today is cash flow.You can look into the future on appreciation based on data but it is not an absolute.The one item you didn't mention is do you have a job that pays all your bills that allows you to save up this money??

However, I’d really like to be able to quantify the real situation…particularly considering future depreciation recapture.

Just make sure it's in writing and based on mile stones you can quantify.

You know... my frat buddies and I came up with this idea once, while absolutely blitzed at 3:30 AM.The fact that this has a number of risks has already been stated more eloquently, but since everything can be broken down into a risk/reward equation, let's start there.The reward is easier to quantify, so let's call that X.

It may cost you a few hundred dollars, but with a home inspection report and a written estimate (preferably three), you will have third-party support quantifying the cost of repair.BTW, is this a two story home?

But subjective factors like the appearance of a neighborhood is much harder to quantify.

Can you quantify what you identify as "a large amount of inventory released out on the market"?

We get a ton of applicants, but finding good tenants takes time.Watch out for owner paid utilities: While paying water/sewer may be easily quantifiable, paying for electric and gas can get out of control quickly.

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.#6 Get Your First Rehab ProjectYou can practice all you want, but ultimately you will learn the most about estimating rehab costs by actually rehabbing a house.