The present owner needs to pull his head out of his butt and set his standards a little higher.

Plug the variables into a spread sheet and or use the BP calculators.Things to think about.  

That will tell you 1) what the "real" mix is based on current occupancy and 2) what the current vacancies are and 3) what your actual income is likely to be.If we assume, for the sake of argument, that the "average" rent is $1,100 per month (2-3 people per unit), actual income would be $16,500 minus vacancy rate of let's say 3%, which would put you around $16,000 per month, or $192,000 income per year.If you subtract the NOI from gross income (192,000-145,000) you have expenses at $47,000 per year before mortgage and taxes.By jumping over to the Zillow mortgage calculator and plugging in $1.2m price with $350k down on a 30 year mortgage at 5% interest, the monthly payment (with taxes and insurance) is estimated at $5,830, or $69,960 per year.

They can be a pain in the butt with lots of fees.  

Looks like I'll have to get my butt in gear and start taking some action. 

Id love to actually get plugged into some REI groups locally for networking and brain storming.

I haven't decided yet, I'm planning on plugging it into the analyzing calculators and see which makes more sense.

Especially in loose money times.I'm new to Denver, live in Crested Butte, looking at possbile plays.

Sonoma, Mendocino, Sonoma, Butte, Sacramento Counties. 

Since I own it already, should I just plug in the numbers from the sale 3.5 years back (purchase price, interest rate, closing costs, etc.) and use the current market value and comps from a site like Zillow to come up with an approx ARV?