If you are talking about say an 8-unit complex in an above average neighborhood, with good quality tenants and say 70's vintage product, I would say cap rates of 7.0% to 8.0% are a reasonable expectation, based on stabilized income and expenses and inplace rentroll including reserves expense of say $200 to $300 per unit.  

I'm in the middle of my first rehab that doesn't involve me living in it...unless I'm at the house working after 10pm.I've completed and documented some vintage motorcycle builds on other sites in the same way that this is going down.  

George,I specialize in listing and selling apartments for my clients.What I posted was a down and dirty 10 second calculation.Typically costs average to 10% property management15% vacancy/loss turnover35% operating and expenses= 50%This doesn't include deferred CAPEX that the seller has put off to make their costs seem lower and profit seem higher.Buying acquisitions is a process through which you put a filter.When I was working with developers they would plot out about 10 locations on a map.I would pull the preliminary information and we would go visit the sites.From that step half of the properties would be crossed off for one reason or another.Eventually after multiple steps we would negotiate with 2 to 3 sites max.The developer would go with 1 site and maybe 2 if they could get both at great deals.The higher the dollar value on a deal the more scrutiny goes into it.Buying a quad versus a 200 unit apartment building has a totally different level of risk versus reward ratio.When buying a building you have to know in the immediate area how much vintage product you are competing against,versus relatively new product,versus new product slated for development where the plans and land is already bought and the developer is waiting to build to time the market.All of these factors among many others will affect the property you are contemplating purchasing.It doesn't make sense on the front end to do a 100 point checklist of due diligence when the seller might not even sell at a range where it would make sense.Do the down and dirty 10 second calculation and determine the sellers motivation and go from there.I know people who would spend hours trying to analyze a property only to find out from a quick phone call that the seller was unrealistic.Instead of wasting that time they could have found a motivated seller to conduct due diligence on with a deal that might happen.That's not to say the unmotivated seller will not be motivated at some point but you can't wait on that with your other plans.When they come back to you if all your capital isn't ties up you can look at it again.

A lot of the vintage buildings have doors they are getting rid of believe it or not!

Right around that same time, my dad had his vintage airstream returned to him after a breakup. 

Whether a new origination or a vintage loan, it is the same semantics.  

A lot of different styles of properties, different vintages, and an urban core that is thriving. 

We had so many people interested that we are working on setting up a small glamping site for our vintage campers.

Turns out John hadn't actually wrapped up all lose ends on that front, and was legally not how he presented in terms of gender even though he was legally John, he had down payment funds in a "pre-John" vintage bank account. 

I look at in place rents for that box size versus what market is currently doing and heading.Older vintage leases some had weak rental increases or increases every 5 years.