Some will negotiate quite a bit making them reasonable, especially on factory (not scratch & dent) seconds.

@Amanda Thompson no one's brought up the point of an investor expecting a discount due to 15 units.Another potential determining factor is what Class of property/tenant are these?

There aren't any jobs unless you work in a factory or want to commute to NYC every day.   

Another factor is the Nevada restoration project currently under way in the 80905 area code.

While there are certainly things you can be doing right now, I think the most important factor is figuring out how you can make your personal life fit in with you business goals.

For vacancy rate, sure that is a factor.  I

I too have stayed out of Detroit Proper thus far, no good reason other than the risk/reward factor. I

I'm trying to figure out what the hidden factor is. 

First thing to factor is the [usually high] monthly fees to own a condo. 

It is an 18-plex in a town 15K people with a very high rent to owner occupied ratio (renter being on the high side).Property is on MLS listed at $749,000Deal Summary:18 units x $500 per unit = 9,000 gross monthly/108,000 yearlyVacancy factor I am using is = 5%Total Operating Income = 8,550 GM/ 102,600 yearlyTotal Operating Expenses = 4,412 monthly/52,950 yearlyAs a percentage of Income 51%NOI = 4,137 monthly / 49,650 yearlyIn my analysis to calculate what I should be paying I am taking the NOI / my expected CAP RATE, which in this case would be 49,650/.10 = $496,500In this back of the envelop math I view my max offer price (on the assumption that I have good data on both the rents and expenses side) as $496,500 to achieve a 10% CapRate.I would really appreciate feedback as to if I am on the right track or I have totally missed something here.ThanksRob