Not to mention its a lot easier to sell real estate then to go fishing for wholesale deals.  

this anxiety is driving me nuts! 

Cash flow from rental and Note income would pay a house off in less than about 7 years.... but of course others will say we are nuts  refi to you die and paid for assets are dead equity.. but i look at those that made it through the last down turn who had little to no debt they were fine even though there rentals were vacant for significsant amount of time.. those with max debt literally lost their rentals..

HOWEVER, at this point in time and in this market, most sellers won't accept ANY low-ball offers unless they are simply nuts, uneducated, or in a really distressed situation.

It has been very well taken care with the major nuts and bolts like the windows, roof etc being in good condition currently but it was basically treated as "if it's renting and not broke don't fix it". 

Well I know over the last few years it's been like shooting fish in a barrel to raise apartment rents but that has not always been the case.

If it is a good deal then you just need to fish around to see if the seller would be interested in seller financing.

I own a few other properties with a partner so I like to think I know the numbers, but, man, am I nuts or have my expectations for returns been unrealistic all these years? 

Hard money might be the way to get into the deal, but if you go that route you should start working on long term financing ASAP - even with 5 fully occupied and performing units, That's probably going to be a tough nut to cover with hard money if you can't refi into long term.Also something else to consider - are these all their own parcels? 

If you're getting financing that is much better than market, you can afford to pay more than the market cap. 100% financing at 2% (or more) less than market is nuts.