Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

Who is your market for lower cost housing.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

This approach is cost-efficient and eliminates the complexities of dual-state filings.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

They use leverage in some of their funds, which can increase returns, especially if they have a low cost of capital (but potentially increase risk and trigger UBIT issues).

My gut feeling is it's going to cost around $4,000 to repair and has been there for ages.

But for large multi-family, that amount hardly covers your legal fees for one transaction, let alone down payment, due diligence costs, lender fees, other closing costs, etc.

So an identical neighborhood (income, crime, school quality, etc.) can cost you as much as a $100k less on the South side simply because your neighbors are brown or black as opposed to white.this right here is the gem advice.