Location, amenities, and any number of other factors will play into it.Don't be afraid to contact the seller and ask for historical expenses and turnover rates.

Beware of additional fees for sending you accounting every month, etc Someone who does master leasing does not play those games.  

I bought my first property (4-plex) 3 years ago in California and my plan has been to play the long game and try to cash-out refinance every 2 or so years to put towards another like property.

Also if you are going to play Landlord then educate yourself on your local laws and ordinances. 

How do existing home sales come into play?

People tend to be negative they always  told me their  wasn't no money in this  and that the truth  is their are  broke doctors and wealthy doctors broke welders and wealthy welders  it's what you  make out of it life is a hustle.When people  are down playing  buy and hold  I just  agree with them and say yeah  their is no money in this it's just my hobby

You would be playing more toward appreciation and paydown. 

We are interested in multifamily properties and are playing with the idea of buying something near a college campus.  

Only accept applicants who meet your criteria, otherwise, your emotion is playing in.  

I have heard most of them through audible or purchasing the audio books several times. and the more i listened while playing video games the more i thought i could do this.