And it's ability to let you take advantage of all of the components of the IRR to maximize your return. 

Granted, we err on the side of doing things right the first time, but projects like new roof or new windows cost a lot and don't have that much impact on the appraisal, as long as the existing components are still in acceptable condition.

., I like how @John Karg is tossing the Internal Rate of Return components at you so you can get a true perspective of how that house is performing and can perform. 

I'd say the critical component to securing a worthwhile multi family investment (and any real estate for that matter) is timing.

Maybe it will make Mike think a bit more about Cash Flow and that Negative or Positive Cash Flow is JUST a component to be used in an overall calculation.There were several that tried as well an most were very close!

Is there a value add component or these are market ready?

And than I explained, how old is the roof, the entry systems, unit cabinets, flooring, asphalt, heating plants, water heaters, all the component's that are necessary to generate revenue and that have life spans, that wear out, where are they at in there life span????? 

There's no value add component. 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

. - if there is a new (additional) tenant they would have to go through new applicant screening2. provide notice to vacate Looking for see if i am missing any component of the next steps in this very delicate situation.