My guess, is your going to be in the $75-100 for cheap units.  

Here's a fairly detailed academic paper on the subject:http://www.reri.org/research/article_pdf/wp171.pdfThe abstract kinda sums it up nicely -- in short, outperformance is all about timing and leverage:"Results demonstrate that while value-added and opportunistic private equity real estate investments have higher returns than core investments, their superior returns are driven by beleaguered market conditions as well as by the use of cheap debt."

@Jason Cadyle you are correct that snow removal is not particularly cheap, however in my eyes it is a necessary expense for multi family properties.

If these factors were not sufficient to discourage you there is the fact that there is a group of Real Estate investors and lots of novices that research these deals and go to the auction to see if anything goes too cheap. 

As far as the posts stating someone is somehow cheap by expecting a reasonable rate for the service being rendered, good business is knowing when you are spending too much for a service and taking steps to reduce expenses, especially when they are unreasonable. 

Some people are 10 year plus residents, probably in part due to the cheap rent.

Unless you are part of the ******, cheap, add no value, rehab club and there are quite a few of you out there.

My wife and I saw a 5BD 3 bath home in our HOA that they are selling relatively cheap.

During negotiations I will be sure to highlight how cheap rehab will be.  

@Sherwin Gonzales I'm assuming that EDD means Estimated Delivery Date?