Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

We live just outside of city limits and therefore Coconino county. 

Do you offer 80% LTV on the full appraised value or is it limited to purchase price + repairs completed? 

However, what if you prefer simplicity, limited risk, and are living off of the income? 

Limited Housing InventoryThe number of homes for sale in Buffalo is significantly below pre-pandemic levels, with a reported 46.1% decrease compared to 2018–2019 averages.

Sales were only 850K/Y, but there were limited relocation options, a dollar general down the street (this was for a Family Dollar) and the town was of size where it seemed both a DG and FD could be sustained. 

The court uploads its docket ussually days ahead of when the doc is recorded and uploaded to the clerk/recorders office.PAy attention to what they are charging once you go over your free limit for whatever account you pay for.

Is there a limited number of licenses? 

Lancaster city limits short term rentals to only certain zones of the city so definitely look at the city website for that information.

if you buy a long term rental, you may not see true returns for 5 or 10 years (although there are other immediate potential benefits, like passive losses on your taxes).