But replacing just the bad bits isn't that hard, it can be matched up to the existing and noones's the wiser.

As others have said, typically NOI and a resulting CAP rate on determines the value on multi-family properties, which are defined as 5+ units. 

Both of them are offered as value-add plays based on a light reno which is supposed to result in rent increases of $115 to $150 per unit.I have my own thoughts on where I want to be in terms of property quality but I wanted to see if any investors local to the area or knowledgeable about the area could offer any opinion on what class these two neighborhoods/areas are and which of them would be more resilient in an economic downturn.

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However, the resulting income is taxed as business income, which means ordinary rates PLUS 15% SE tax.The starting point would be to decide which of the two treatments is applicable in your situation and then structure it accordingly.

Part of this is a funds-matching TSP---take advantage of that.Finally, something to file under "investing in yourself" - while you may know of the GI bill benefits, while your on active duty you get up to $4,500 in education benefits per year you can use.

The flip should have been reported as $150k minus $130k = $20k so the IRS computer could match.

This:"BUYER UNDERSTANDS AND ACKNOWLEDGES THAT THE PROPERTY MAY BE ENCUMBERED BY MECHANIC’S OR MATERIALMEN’S LIENS OR OTHER LIENS, JUDGMENTS OR ORDERS RESULTING FROM ALLEGED VIOLATIONS OF LOCAL ORDINANCES AND BUYER IS TAKING SUCH PROPERTY SUBJECT TO THOSE LIENS, WHICH MAY OR MAY NOT IMPACT BUYER’S ABILITY TO OCCUPY OR TRANSFER THE PROPERTY IN THE FUTURE."

Originally, I'm from Phoenix but I have been Balto/ MoCo/ NW DC/ NoVa area for more than a decade.So far, I have learned that I am great at matching sellers with buyer and vice versa. 

After all, tapping the equity would delay the cash flow results I’m looking at seeing in 5 years.