There was meat on the bone for a buyer to be able to purchase at a discount.How did you find this deal and how did you negotiate it?

Charges the same as a motel, but people can cook, do laundry, have more space and privacy, and they are decorated like Hugh Hefner's mansion. 

@Jonathan Oh - You had me at  "data-driven"!

Repairs are always more than expected and ARV is often lower than you think.Assuming I am correct,323 +80 +50= 450(the 50K is about 10% of selling price.. this is the average we account for in all transaction costs like agent fees and closing costs taxes, etc. etc.)that would be a 40K profit, without any of the other costs like lending cost, holding costs, insurance and mishaps.I honestly don't think this is such a good deal to be honest.That is less than 10% of returns, and that would be OK if you didn't have to be all out of pocket for so much.To me at least that is definitely not worth itAnd whomever invented the 70% rule had absolutely no stinking clue what they are doing. 

@Montez BlackburnCason Home Loans is processing an FHA for a 4-Plex for me at the moment.

Biggest factor is how much meat there is on the bone in terms of rent increases and also how the deal is UW with reversion Cap of +0.5 to +1.0 from the current prevailing rate for that class of property.

In NJ it's a lot tougher to collect doors unless you are willing to go into some tough areas which I am not, I spent some time in my youth there and it's just not for me at this point. if you have some advice, I'd appreciate it! 

Assume Fannie/Freddie is being used, this would put me at $40,080 in reserves needed to be approved.

I really want to build more apartments (Meat and potatoes) for the big influx of workers coming in for Laird's new IPO/Factory.  

Think about this almost as a "cooking recipe" If you needed a specific cake baked and you purchased a recipe for it (i.e. the approved building plans): then you would interview 3 different chefs that would have a license and therefore have the "know how" and experience to make it and they would have to understand every item to bid on it.