I've seen way to many multi family properties just get into that death spiral of a slum lord and horrible tenants and it's just one band aid after another until finally the owner extracts whatever they can and exits.I personally would want to be buying something at a little lower price, perhaps redeveloping, etc.Build value rather than extract value.If the assumptions above mentioned check out and you're happy with those returns I don't see a major hurdle ----  big however though is that you're only outperforming your cost of capital by maybe a percentage point?

(Just over Broke) here we are the lord of our land!!

Here's something you don't see every day: https://www.seattletimes.com/business/real-estate/free-rent-in-seattle-no-catch-a-landlord-couples-faith-inspired-a-gift-for-tenants/

But unfortunately (or fortunately, depends on how you look at it) my old age and wisdom kicked in and going to jail and lossing my family is not worth a rent house.So basically I think we broke every rule of being a land lord possible.

@Brad Smith Thanks, Brad!

I’m now just learning the ins and outs of land-lording and plan on making another purchase in the coming months.

However, the tenant agent now wants me, the land lord, to pay them a "finders fee."

They will jump at $700K tomorrow (not at the price, more at the freedom to be out of land lording) New tenant just moved in (Sept - 2 year lease) to 1st floor unit and approached friend about seller financing.  

I have no desire to be a slum lord, or treat tenants badly.

Good lord, 40k above list price!