Now after the sale is closed, you MIGHT be able to refinance for a higher value although this is iffy in today’s mortgage climate.

On our non climate controlled units we are full and have been full for 6 months.

That drives job growth, pop. growth, etc. to other warmer climate states.

I know for a fact how difficult it is to finance a 4-plex without at least 15% down in todays lending climate. 3.5% or 5% down would leave him with money he could set aside for reserves or invest in another property.

Homes can be sold in any economic climate.

Its good that the tenants pay utilities, and being in FL is probably a bit lower than in northern climates, but lets go with 50%.

Congrats Nathan. 100% financing in this climate is pretty dang sweet!!

The people from southern climates have a lot more mold to contend with, so mold remediation is a much bigger business than it is here.

But great advice, I have a bad habit of staying in areas I know very well, I don't like to venture out too far, don't know the real estate climate out there. 

Especially in a cold climate.