No only do I want to know that I can support my properties without rental income (if neccessary), I also want the ability to have my sale decisions reflect favorable market conditions and not a financial "motivation" on my part.

However, usually when something goes wrong, you will see that the risk reflects the return as with anyother investment.Remember too, that in real estate investments managers are not held to the standard of say, stock brokers or your CPA.

I priced it to reflect it needing a new kitchen and updated baths, etc.

Whatever reason for the 50% vacancy, this is a distressed property and the price should reflect performance achieved, not performance AS IF you were able to pull off what the previous owner couldn't.Seems like selling a building as if value is intrinsic to the building (~$21K/unit), without recognizing it for the failing, distressed business that it is.Reminds me of those who claim rents less PITI equal cashflow (all the while losing their b*tts), or "rents could be raised," and price a property "as-if" it were true.

Judging character and developing these relationships really doesn’t take that much time, but it's certainly not reflected in a FICO score or a 1003.

This is provided as a value-added service and is not a reflection on the property.4.

It was reflective of my experience as a sponsor at the time. 

Which is reflected in your rent a tenant pays.  

I just don't see that reflected in your numbers.A cash buyer is much better off waiting for the house to be sold off at a tax auction and potentially picking it up for much less than what the current owner owes. 

Fannie Mae permits an appraisal to be based on the "as-is" condition of the property as long as any minor conditions, such as deferred maintenance, do not affect the safety, soundness, or structural integrity of the property, and the appraiser’s opinion of value reflects the existence of these conditions.