I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).

Everyone's waiting for interest rates to fall but not sure if that's going to happen now.

Hello Sam,Prices and rates are indeed high in the Northeast.

for instance even though San Diego has had amazing overall appreciation over the last half century, it was still the #1 in appreciation the past 12 months at a rate twice that of the national average. 

Roseville have a everything schools, hospitals, restaurants, high tech companies like Bosch, Penumbra, HP, Amazon Hub, Mckasson, Oracle (Rocklin) with three zip codes  95747, 95678 & 95661 and Rental is HOT here.

.- Neighborhood ~ C- but a C- area here doesn't mean too much, smallish town ~ only about 50k peoplePurchase Price: $660,000Appraised Value at Purchase: $730,000Interest Rate: 6.625% - 30 year fixedDown Payment: 10% / $66,000Cost to Make Rent Ready: $14,000P&I - $3803 T&I - $898Total PITI - $4701/moCapEx, Vacancy, Maintenance - $1099/moTotal Monthly Costs - $5800/moCurrent Rents - $3800 (3 units)Fair Rents ~ $5000 but will likely only charge ~ $4500 to start.

Rates and terms are better especially if you have less than optimal credit..

Feels like this buyer pool dried up recently with the interest rates rising?

My properties are small multifamily and to-date they have generated between 50 and 60% internal rates of return for the past four years. 

If you are buying it as an investment property, you are buying it at a much higher rate than a traditional owner-occupied loan so you must be in a primary residence now and are just planning a just-in-case scenario.At first, I thought this was a no-brainer answer as if you can do whatever you want, but those investment loans are banking on the income projected as part of the collateral for the loan so it's a good question.A seasoned lender or someone who has had to move back into one of their properties will get you the best answer.