Properties at that price point are probably going to rent for 650ish in good condition.

Purchase price: $580,000 Cash invested: $145,000 4 plex, 2005 contruction, stucco, cement driveway, good condition long term hold.

@Tua Toiaivao  Your idea of doing "hustle methods" before spending tons of money on marketing isn't a bad one as a way to get started and get your feet wet, but I don't think that with the current market conditions you're going to have much success with deals that are listed on the MLS for the reasons others have listed above.  

Have the owner contact the bank and ask for a postponement based on her condition and that you two are going to work something out to bring the bank current.

It's OK if you live in one of the units, but you can't lose money if it's rented out. 4) What's the condition of the apartments/exterior/etc?

Your post lacks important information such as your location, typical local cap rates, , expected cap ex based on condition and what your anticipated value gain may be.

Hi Katie and welcome back to the forums. 1) Sorry I can't help there - I have my family help managing mine.2) Depends on the condition of the property. 

She has a lot of kids and is not keeping the property in good condition.

That one was for $150k but I just called my contact at the bank and asked if they had a minimum because our next deal would probably be in the $40-$80K range she told me "it just has to be in good condition"

It sits on 3.5 acres and it has an in ground pool in great condition as well as a small horse stable.