I'm glad to hear you've had success to that degree.  

I'll be buying another distressed small multifamily property within 2 months, repair it over the winter and have it leased this coming spring/summer.I went to the University of Minnesota and received a degree in Construction Management knowing that I wanted to get into real estate investing.

While I am familiar with the topic (in that it exists and what it entails to some degree), I know little-to-nothing regarding the specifics of the subject matter.

About MySelfI am a young and an ambitious real estate investor.I am a born and raised Calgary, Canada, but now living in Guadalajara, Mexico.I did my undergraduate degree in Economics and Sociology.

I have a degree and post graduate work at Yale, I do not drink or do drugs, BTW, I was simply over qualified for what was available. 

@James Flynn - I assume time is of the essence to some degree and some items are of quality1 Yard Sale as much as you can on one weekend.2.

Also with summers over 100 degrees, you need ceiling insulation.

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

Multiply the two.Utilities-Totally variable, depends on the type of utilities to each property, the size of the property, and the degree of insulation. 

She has a masters degree in marketing and a great head on her shoulders.