Appraiser said because it was not valued on the income it was producing as it was not a commercial property and more off comparable sales in the area.Is there is a way to find/estimate the ARV somewhat accurately for these types of properties?

I want to make sure the GP is fairly compensated but not pulling too much cash out of the deal as compared with other deals you guys and gals have seen.The GP has already entered into contract to purchase.

How do you compare Syracuse vs Chicago?

It makes deals more difficult if you're comparing them to what things looked like 1 or 2 years ago.

Just food for thought, I'm a relative newbie compared to many experts here so feel free to agree/disagree strongly.

How does this house compare to the +300K houses?

The owner wants $300k for it and the sale of remodeled comparables in last 4 months is around $500K.

If you see them as great, average, or crappy deals compared to your experience let me know...but share what a typical deal looks like.

We will underwrite the building using solid/conservative information on gross income (what are market rates, can we raise rents over 2-3 years, what reno needed to get to market, how do are units stack up compared to others, what is market vacancy, etc.), what we can achieve not what the current owner has done.   

I said I thought the property was a decent deal (asking 96k when comparable houses sell for 130-140k).