Hey @Benjamin Jones -  Fellow Japan-based investor here.  

I primarily invest in buy and holds, but I do a little bit of everything including fix and flips, airbnb's, mid-term rentals, and wholesaling.

Based on your situation, you will likely need to recapture the depreciation when you convert the property from a rental (STR) to your primary residence in 2025. 

I’ve found myself particularly interested in multifamily properties, but I’m struggling to grasp what exactly defines a “good deal.”When evaluating listings, should I primarily focus on properties that seem undervalued?

And I was thinking the 2017 10 year was based on the market starting to really crash in 2007 

Thank you @Jaycee Greene and @Hossein DaneshIn sum:- 42 apartment rental deal (land has potential to add 32 more on  two small building but that phase would be out of scope for this initial stage analysis).- Negotiated sales price $3.2 (seller financed)- 30% DP @ 7% / 20rs.

These type living arrangements are primarily short term until user circumstances change

I was raised in the land business and sold land exclusively for many years.

I have a W-2 Job, capital saved up for a down payment (or two), and a buy box based on my affordability.

How do you value a apartment that will be rented out to primarily section 8 tenants?