The increased cash flow and the ability to pay down the loan more quickly are the biggest draws for me.Am I underestimating the time commitment of managing a multifamily property?

With a few tweaks to the management structure, and with new leadership, I figure we can greatly increase the revenue.

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

Don't forget to ask when the last time everyone's rent was increased - with section 8 you can only do that once/year. 

It will be cheaper than our mortgage and our incomes will be increasing.

A lot of my past meetings were cancelled due to Tom supposedly being sick.

I've been gradually increasing rent.

got out of flipping to new construction in our market in columbus ohio. licensed general contractor. when interest rates got high single family existing went down by 30% new builds sold at a 6% increase that year which demonstrated the desire and premium that new construction commands. never looking back. total control, rinse and repeat. we can get permits in 28 days. we can buy land cash in 21 days. we can build in 120 days to 140 days and keep moving. super scalable and easy and no risk. we build the same 2-3 Floorplans 

There are always ways to increase the value of most homes, but that is also a crap shoot.

With the increase in prices and competition over the last few years, these figures were so divorced from reality that these people now typically advertise 8% to 10% at the most, which, unsurprisingly, is still higher than reality.