For mid term investing from 3-7 years I honestly think you might be able to look in to areas around Hilltop which is currently being upgraded from the C rating.

And that was without any real constructive changes or upgrades.3.

I prefer specialists, meaning the value add MF operator should be staying in that lane and not doing office or self storage deals, or core or development deals (full disclosure I have broken this rule).

I've seen them call out roof repairs, foundation repairs, broken windows, chipping exterior paint, wood rot, etc.

Here is the kicker:  The complex needs to be managed by a USDA approved property management company who collects all rents, performs maintenance and upgrades and in general runs the property. 

Even though I am not a home flipper per se, but as a first time home buyer, I am looking for a single family home in Brooklyn or Queens that can use lot of cosmetic upgrades, live in it myself for a few years, before selling it.

New construction costs can be easily broken out without a study.

They dont even have a profit & loss or balance sheet available (for landlords).We upgraded to the highest paid level and it was the same.Please let me know if I am missing anything!

I investigated for any water leaks and only found two sprinkler head pipes were broken. 

They seem to favor folks who want MINOR cosmetic upgrades and that’s something I suggest when starting out - not a massive gut job level rehab (ask me how I know 🤪).