PM to me needs to be more of a no BS tough as nails person given what they have to do and all the sob stories that tenants throw at them.

We have managed multi's before but I would avoid them like the plague. tenant noise issues, bug issues that carry unit to unit, smoking and the list goes on and on.if you have the stomach to deal with that and live around it more power to you but small multi's I would never consider buying especially in this market. in my opinion, they are the very first to get rent corrected in a down market because they are not as desirable in my experience as a large polished multi until complex or sfh.

ON the point about labor in our new builds we just get a set price from the sub and its per sq ft. our framer is 7 bucks and he installs the windows and includes the nails.

I try to do the easy value add myself and outsource anything that takes more than an hourthe “turnkey” work included:patching walls from nail and hook hole,cleaning out some trashadding smoke detectors to bring it up to fire codedeep cleaning and scrubbingdealing with building inspectorupdating some electric outlets and replacing outlet coverstouch up paint workand I had a contractor replace some carpet with vinyl plank flooring.given I could only work about 4 hours a week it ended up taking me close to a month to get it ready for rent.

Jim, I think you may have hit the nail on the head. 

This is a level of physical expertise that the .00001% will never be able to attain that are polishing off their god given talent.

I'm just outside of Atlanta, and am looking forward to nailing down my first rehab job.

(Seller needs the equity out asap, so seller-financing is out)As for the deal itself:       Located a few towns over from me (but not far enough where management would be a hassle), right near the better part of the borough, near the middle school, very close to stores & very close to where new construction is being planned & the area is on an upswing.2 - 2 bedrooms (1150-1200/each)4 - 1 bedrooms (850-900/each)Going inside it this week, but from my walks around the outside, I'm ballparking about 100k in renoSeller asking for 200kTaxes as-is about 6500Seller states all zoning approvals & site-planning have been completed, only thing left to do is pull permits and put nails to woodAs of right now, my immediate plan would be to sit down w/ the commercial people at my lender's, assess my standing, and start all the other due diligence common with a typical, residential purchase.

We're all just guessing at numbers (folks probably have it pretty much nailed) but it's always a good idea to post numbers if you'd like help with analysis. 

@Ramsey Blankenship, I think you hit the nail on the head: (previous) "property condition".Its new appraisal should be GOOD - for the same reason: (updated) property condition!...