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@Sam HendricksenMultifamily is super competitive in this area and you have a huge advantage over your "competition" with the fact that you are owner occupying as most deals nowadays hardly cash flow. 

Due to the market conditions I wanted to have a good amount of equity in the building so I only refi'd 50% of the purchase.

Be prepared to do your due diligence and make competitive offers.So, what do you think?

It isn't just the condition of the property but ownership situations like this.

@Deirdre Lizio see a lot of competiting PMCs start with a pledge of doing it better than "what's out there".Always interesting to revisit them 3-5 years later - after they've experienced the reality of challenging tenants AND owners.Look no further than Evernest: they started out with flat fee management at $99/month and promises of better & fairer service & pricing.Now they're at 10%, capped at $199/month - wonder what changed?

I'd likely just agree to break the lease with a couple months of rent as a penalty rather than force these people to continue being tenants in my property....you never know what will happen to the condition of the property.

With markets adapting to changing economic conditions, now is the time to explore innovative investment strategies.

I have found it better to find new construction investment properties and buy after competition. 

While competition hadn't changed dramatically, we noticed some of the competition had pushed up rents on other 3 and 4 BRs in the area.