-I am also because it is my first multifamily deal uncertain of how to analyze the property entirely, I understand basics of cap rate and some of the things but not sure how to create a strategy of buying the right property with the goal of longterm hold with 8-10% cap rate if its best to buy something that needs a little work to up it to the rate or if I should go after something that is already performing.Any feedback appreciated thank you!

Stephen, this is literally a copy/paste from an email I sent one of my partners recently about a duplex we were analyzing (which had 16,200 gross income):1500 - insurance  500 - landcaping & snow removal1620 - 10%management1620 - 10% of gross inc for repairs/maint3252 - $22.95 per 1000 in East Prov (142K assessment)  200 - electric  (common)  800 - water  800 - sewer  405 - 5%misc/turnover/screening/leadtests/etc.It was a quick email so I might have missed some items, but there are some #s for you.Also it's important to distinguish between "repairs when you buy it that you have to do to make it rentable" vs.

In my opinion, those who invest in Denver in 2016 take on too much risk, without receiving enough in return.All in all, expect both the Denver and San Francisco real estate markets to correct themselves throughout the next couple of years, as everyday people aren’t able to afford real estate here.Population Growth And Economic ExpansionSince population growth and job growth go hand-in-hand, it is important to analyze these two factors in a correlated manner.At the current time, the fastest-growing real estate market in both categories is Dallas/Fort Worth, TX.

Floor has a slight slope to it.3. laminate flooring was put in incorrectly 4. stress crack along with minor water damage on ceiling and walls5 new roof6. no appliances 7. the washer and dryer connections are in the kitchen8. has no central air (95%) of the houses in the area have it 9. need landscaping 10. gutters11. wall trim is in pieces12. some paint since im sticking to white ( very popular in the area)13. doors need replaced14. full remodel of the bathroomAlso the furnace and water heater are exposed in the bathroom (looks very weird) and it does have a garage or a basement but crawl space.

-How best to analyze out of state deals?

Is there a public website or tool to find accurate rental comps on a property you are analyzing?

Based on my reading, this seems to be a popular path investors take, and it makes sense to me.

You should analyze it fully, determine your own ARV, estimate repair values, and figure out the value of the deal based on your own analysis, or that of your own agent.

Again, it's all about analyzing probabilities and then executing a game plan that's right for you.  

I put together a spreadsheet here to help potential house hackers quickly analyze whether or not a property qualifies.