All of our deals are off-market deals @Jason Turgeon.This particular property was highly distressed and the homeowner was super motivated.

If NOI increases then Value/Price should increase (if cap rates remain constant) if cap rates compress (go down) Prices/Values should increase (if income remains constant.

Currently, 3 of the units are rented and one is vacant/currently undergoing renovation (approximately $7000 worth of work remaining).

These are people who share motivational characteristics of people ready to sell, but haven't yet done all the work they think they need to list property.

This is perhaps the least risk member category.Limited partners make all initial equity contribution, pays no holding costs, earns 8% preferred (Level #1) with a catch up provision to the Sponsor on net cash flow up to 15% (Level #2)  and with the equity split afterwards  on remaining net cash(Level #3). 

You'll find Motivated Sellers very quick, but closing on the price and terms, etc. is the challenging part.

However, for one reason or another, there remains a void between these two independent strategies.

If you want to scale things up a bit, you might think about mailing to some of the new motivated owner occupied lists such as:Seniors with Long-time Ownership: often ready to downsize or transition to assistance.Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.Both these categories have additional advantages in that they probably don’t haven’t been updated and may have deferred maintenance.

if seems like this is more of a hobby, i suggest spending your money on some of these reia events, get motivated and educated and then take action

Once you have a conversation going it will be easier to get to the question about price.If you find that the competition is pretty stiff with the absentee owners (some get multiple offers every week) think about adding some names from one of the new motivated owner occupied lists.