The location and access to amenities make it a super desirable area so you need to keep an eye on inventory and competition.

I have my eye on a 4 plex I'd like to buy, renovate, rent, and hold.

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

Keep an eye on your debt-to-income ratio and overall leverage to avoid overextending.

I have my eye on a couple of small places that I am interested in for Air BnB.  

Using Airbnb isn't going overboard =) It really comes down to how much you need the income, and hence how important it is you get eyes on your listing so you actually get bookings.

. :)Keep an eye out OK? 

That will determine the best marketing strategy to get your listing in front of the right eyes.

There's less listings but less eyes on properties.

@Kyle Souza A couple quick and fast tips on qualifying for multifamily loans are having enough experience in the eye's of the lender, a 1.3X DSCR (using lender underwriting..not broker's underwriting), and a net worth equal to or greater than your loan size.