The problem is it has taken him 6 months to do it and at his pace, I know he can't finish by my refinance deadline.

He confirmed the tight rental market and believes we can quickly replace any tenants unwilling to pay market rate. - Market rates will add $1000 to rental income, making the end result about $130 cash flow per door, and a Cash on Cash ROI of $20%+ after factoring in 6 units each one month unoccupied due to swap out of tenants.

She confirmed the tight rental market and believes we can quickly replace any tenants required to get to market rate. - Market rents will add $1000 to rental income currently, making the end result about $175 cash flow per door, and a Cash on Cash ROI of $20%+ after factoring in 6 units each one month unoccupied due to swap out of tenants.

Many investors use the remaining life rather than the full lifespan, which will drive up the estimate even more.If an investor is worried about cap ex, something else is wrong with the strategy (i.e. no predictable appreciation, cash flow is tight, no value add potential, etc.).

I would also think that if the deal is that tight where its still not a good deal with a month or two of vacancy on one unit than you're very highly leveraged on the deal and should think a bit more about the longer term prospects on the deal anyway.

Response for San Diego, no experience in the Inland Empire but suspect it is very different with a different set of issues:Initial cash flow is tight to negative if purchased at retail. 

If cash is tight, ask specifically about any local first time homebuyer/down payment assistance programs as well.  

Regardless it does seem like it would be a tight deal so make sure you have accounted for every cost involved with that transaction before moving forward.

He's willing to sell for what's owed on the property but the margins are very tight.

The rental market can be pretty tight, more often than not it's difficult to find good deals on rentals, but they can be found if you're willing to put in the work to bring them up to scratch to pull in good rental rates.