If Chicago, are you already working in any specific neighborhoods?

The "private money", btw, is supposed to be Arnold's own money from one of his three "private equity firms."

With just these numbers to go on, if I felt the neighborhood is solid/trending up and not down and assuming your rent projection is realistic, I'd buy it. 

On paper some of these buildings had amazing metrics, excellent cash on cash returns, cap rates, etc, but when I looked at the buildings I found the neighborhoods were rough, there was poor management in place, there was lots of deferred maintenance to address.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Also consider contacting houses that look vacant, simply door knocking in a neighborhood that you are interested in and talking to the homeowners in a genuine way, For Sale By Owners is another potential, using an App like Nextdoor or Facebook pages/groups related to local real estate and just telling the group what you are looking for, contractors also know about houses coming on the market soon and so do property management companies, and finally garage sales are a good way to find off-market properties as people prepare to sell.To Your Success!

Go to Omaha and Sioux city tomorrow for inspections and client meets. 3. close new loan with my bank unsecured ( those babys can be tough to get).4. get my mind ready for 9 grandkids at the house this is the toughest one :)  Patience 5. firm up goals for 25 solidify my new clients that I have gotten in Q 4 24.

I made some resources for my out-of-state investors like a neighborhood graded map and contractor rolodex that I can share with you!

Perhaps my current firm at $6,000 is a little more suited for people with a bigger portfolio.We have 4 rentals. 

While I haven't remodeled the main house, it's situated in a highly desirable neighborhood.