Example Quad propertyHere is a current 7 unit rental for sale at $630,000 with a neighboring unit renting for $900 a month with 2 bed 1.5 baths, so that may be the prevailing rate there. 7 unit condos for saleI am not interested in these properties in particular, but just want to provide them as examples if anyone wants to take a look and compare them to the other apartments in the area.I suppose that at the right price you can make a case for any purchase, but the competition for tenants (with perhaps a need to be more flexible on tenant quality) and the need to keep rent rates stagnant or lower them to ensure high occupancy seem like troubling considerations.  

Interested in vacant land mostly because of the super low amount that you can start with, but also lack of competition.  

Look at AirBnB and see what the competition looks like in the area of your rental.

(No affiliation) Haven't used them yet but figure the closing costs will be a fraction of the refi.

I ask my realtor to get me into a few rentals in my area so I can see what the competition is.

Or be ok with making less money then the competition.  

Another thing, which I think one of the best, is Buy and Hold for long term investing which takes various amounts of money depending on how much work it needs to be more competitive.  

Market has shot up in my area so theres more competition. 

I can tell you that those zip codes are really competitive. 

@Terry Hughes..Most of my BEST deals happened when everyone else stood by.  2007/2008/2009 in my market..All my offers were accepted with little or no competition(HUD()Fannie Mae)..Perform Due Diligence, Run the numbers and Take action......GL