Based on all the information I was given by phone and email I set my policy to cancel on 5/08/24 and approved the down payment charge on my card on 5/05/24.

You can invest in class D areas that on paper will show a high IRR of 20% but I would not touch it with a ten foot pole, but in same breath I would consider a 10% IRR where there is no leverage and low investment to value.If the class(a,b,c,) of an apartment building is based on the year it was built than what specifically determines the class of the area?

Noa,You can do a cash out refinance where you will be maxed at 80% LTV so around $140K based on the $175K value.

To your question about the two different options, I think you could likely do both of your scenarios based on the capital amount you have. 

I estimate their combined value based on the current market to be around $900k.The goal would be to extract max cash out.

@Alana Reynolds, as with most said above it would be difficult to get based on your current LTV ratio on this specific property.

Thus, based on my experience you tend to overpay for multifamily properties versus SFR's.

First, when calling banks target the smallest most community based banks you can first.

I do not think so, I think the mortgage broker will combine your qualifications into a one application and give you an approval based on that. 

An elderly man on a fixed income should be able to find an apartment that is income-based and affordable.