For anyone else, it's an expensive and gross headache of a house. 

If I tried buying that property today, the expenses would be significantly higher than the income and it would be a bad investment.

(The only exception would be dealing directly with a credit union who may have slightly lower rates.)

If you have to pay property tax and insurance they are expenses.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Brickell has almost no MF for sale atm and is almost entirely high rises with expensive and tightly controlled HOAs.  

Move somewhere that isn't so expensive?

Raleigh/Durham is going to be more expensive but that also means there's higher chance for ARV and/or rent, depending on what you want to focus on more.

I know "change of use" frequently triggers major expenses like seismic retrofits, insulation and fire code updates.   

it doesn't cost a lot to put utilities and parking pads in or even entitle it or to purchase land. it's just a lot of work that no one wants to do. parks are hard to get approved but they are not expensive to develop. it's nothing but utilities and parking pads and an office. harder to finance too, but compared to apartment development or mixed use development it is one of the cheapest and highest performing assets because of reduced construction costs.