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).

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

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

Property prices are lower compared to larger cities, offering the potential for higher returns, while the demand for rentals remains steady thanks to a large student population and growing workforce.

These props were in good areas so I am guessing that is why. keep in mind true A class areas whould see majority of comps being sales to homeowners NOT investors.. homeowners dont care what the cash flow is or the potential rental income is only investors do..

Check with the lender but my understanding is they will count that potential income as well.

Here’s a thought:Step back and evaluate which properties, if any, are truly worth keeping based on current performance and future potential.

Assume a couple of months of vacancy, consider potential unexpected repairs (like HVAC or plumbing issues), and test the numbers with rents dropping by 10-15%.

This feels like a total scam.  

Agree on the advice their are sharks out there that are very good praying on people with various scams each month a new one pops up so avoid the housing market right now .In the mean time invest in a index fund that follows a benchmark like a S&P 500 each month/week put more money in when you are at a age that father wisdom has visited make small moves into the housing market .