If you can hold onto these properties over time (ie cash flow sufficient to not lose money), you have already "won". 

Thus, they are more apt to be torn down since they are in central locations and larger projects can replace them.With regards to the general BP poster or reader, doubt most of us are the $100mm to $300mm investor range to consider taking advantage of these properties.Looks like you're in California. 

I’m certainly newer in the capital raising space and I’ve found quite a wide range of experience levels throughout the group.

Other properties in that area of similar size and vintage in good condition have sold in the low $200s and rent in the $1600-$1800 range.  

I'm a property manager that manages along the Front Range from Fort Collins down to Colorado Springs and everywhere in between.

There is no harm in reaching out for a slight difference in budget you can just say that you got there contact on FF and have an available unit slightly above their price range and tell them the price and let them know to get back to you if they are interested.

But we’re starting to see this program gain traction along the Front Range especially with lower income tenants and properties.

Keep in mind refinancing costs typically range from 2%-5% of the loan amount, so weigh the upfront costs against the long-term savings to see what works best for your goals.Good luck!

By then market rents moved up to $1,150 - $1,200 range.

Depending on what price range you're looking in, you might be a little tight on funds.