It also depend on the condition of the property. 

While it was a scary jump at first, we quickly realized this space is actually less competitive.

So we never bought anything that was more than 75% of ARV current condition.

I was not comfortable with the market and interest rate conditions, so I elected to hold off.

Sometimes 5 in the case of 9% LIHTC deals but all the way up to 15 as I’ve seen in 4% deals.  9% is competitive meaning there’s only a certain amount of projects awarded each year by your states HCR.  4% is not competitive and is usually more appropriate for large projects because 9% will get allocated to projects of smaller size so as to spread the benefit.  

Great markets, but very competitive.

It is in good condition, but has a lot of deferred maintenance. 

I had an experience with a terrible tenant who reported me for a bogus claim but by making the claim it allowed me to gain access needed to get photos of the condition of the property, and then the tenant refused to allow maintenance people in which really helped prove my side of the situation.If possible, explore alternative dispute resolution options like offering the tenants a cash-for-keys agreement.

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

They are thier competition and I know the owners.