@Jason Rowlett If you are in city limits, I would call 311, and ask about building codes and minimum housing size.

Depending on the size of your portfolio, I suggest considering either "PROPERTYWARE" or "INNAGO":Propertyware is ideal for larger portfolios, offering customizable and automated reporting features.Innago has been very effective for me, enabling property marketing, conducting screenings, and managing rent and maintenance requests.

Maybe put some of that into a money market account or the stock market, so if an HVAC does go out in 2 months you can pull out $4-8k to replace it (depending on size, location, etc). 

@JayHinrichs, you are correct that there are above 8000 members in Subto and with that some sort of dilutive nature based on the sheer size and interactions.

The easiest way to increase your bottom line with a residential rental property in any city of minimum size is rent it out fully furnished.  

I’ve been investing in the Tampa market for over 20 years, and in just the past year, I've bid on several mid-size apartment buildings and at least a dozen duplexes.

My recommendation is to choose a medium sized management company, if it's one of your only properties. 

For properties that size I'm not sure cap rates will give the best story, but for the sake of answering the question, cap rates are a level of desirability in that sub market. 

For a building that size I would expect they would have had someone like a John Burns or someone else provide a report to understand the comps and current absorption rates and vacancy rates for this class of building.Now that you have invested, it cannot hurt to go out and view the property but what are you trying to accomplish by visiting ? 

@Jagjit Singh Welcome to BPFirst you might mention what size multi family you are talking about.