This creates an upside opportunity that doesn't organically exist with multi-family properties.

Don't buy in the roughest neighborhood in the urban core.

NYC uses a magic formula (statistical analysis) to figure out how much your property is worth based on comparing size, style, and age of your unit with your neighborhood. 

Zillow, Redfin, Trulia, local county website, Google Maps/Earth, etc....you can get a pretty good idea of the condition and neighborhood most properties are in just using available technology.   

Reading a lot of books, driving around my city (I actually found a bunch of really cool neighborhoods), meeting up with agents/lenders and letting them know of my plan, and going to local RE events.

She gives a pretty decent breakdown over the different neighborhoods of Milwaukee.

They are not able to sustain a consistent organic flow of work for one reason or another.

You will get the NOI either through a PnL from the owner or the tax returns and bank statements of the owner if they are not organized.

I know that Poland is a more expensive and nicer neighborhood.  

Many people in my neighborhood have illegally converted their basements into second units and rent them out by the month at $900-1500/month, but my husband would lose his play space, so we even don’t do that.