I guess I'll find out because I'm too tired and depressed about all of this to get into it right now I don't have my glasses and I'm having trouble checking for typos and reading what I just wrote!

That's how gentrification happens.Not to be to rose colored glasses but... there are some glimmers; The retail development (first in ~25 years) that is happening at Superior & Euclid.

This is not an updated unit, but it is very well cared for, has nice landscaping, the original character of the house shines through with things like a huge wall hung sink, built ins, stained glass, and I include all appliances.

Your “will I get caught” question is basically “will the officer make me get glasses if I don’t pass the vision test at the DMV”, with an extra option for green eggs and new roommates.

As long as you don't drop the glass ball (family) you will be fine. 

First off if they're posting a general ad, they're going to be looking at the deal through rose-tinted glasses, so I would take everything they say with a grain of salt.Overview: 50 units, 2 properties, built in 1967-68 (watch out for deferred maintenance), asking for $1.55 mil and $1.5 mil or $3.05 mil together, purchase it at either 9.5% or 9.6% cap rate on in place financials.I'm assuming you're questions are more geared to what they're talking about in terms of Cap Rate, NOI, pro forma, etc.Cap Rate is used to determine the price, the formula is: Net Operating Income / Cap Rate = Purchase Price.So if you have 2 of the 3 you can figure out the third. $3.05 mil x 9.5% = $289,750.

Just make sure that you don't have you're rose colored glasses on.  

Periodically I would drive by the property and the grass was 2 feet tall! 

In another, where I already have replaced old kitchen appliances with new stainless-steel ones, I might replace the old sliding patio door with a nice french door with blinds in the glass -- as the beginning of an eventual kitchen remodeling -- and maybe replace old bathroom lights, faucets and towel racks.

Peeling and chipped paint, splash blocks missing, lose gutters, cracked glass window even in an out building had to be repaired.