That's a terrific handle btw.  

Commercial mortgage brokers handling transactions in the area can give you an idea of the cap rates they are using to underwrite similar properties in the market.

I'd be happy to function as broker on any acquisition you're considering, but my management is swamped right now- we have more work than we can handle as far out as we can see.

BUT these loans are special in that they can be passed on to a buyer (completely assumable, like they belong to the building vs. the owner).

Hey Kristen,I would definitely do an in-depth ARV analysis and then have funds aside for improvements if the market can handle the forced appreciation.

I admire your willingness to try for a bigger deal (i.e. more than four units) on the first one, but just keep asking questions and exploring every aspect of the deal as much as possible, to make sure it works for you, and that you've got a handle on things.

It could be longer depending on market conditions. 

My husband has done MF maintenance, and I have contacts in maintenance for anything we can't handle. 

I'll handle all expenses and management, probably pay off the house in a couple years. 

If there are any belongings in the house you should post it for 10-15 days so when you do toss the items in the house you have a record of posting the door.