I talked to another friend who was in a somewhat similar situation and they got 50% off as well but they were part of a large apartment complex.

Its a 4-unit complex.

(I do this in physics and engineering to gain an understanding of a complex system)If you invest 100k to buy a 100k property, and it goes up 10% in value, you gain 10k in value for a 10% return on investment.If you invest 100k to buy a 100k property, and it goes down 10% in value, you lose 10k in value for a 10% loss.If you invest 10k to buy a 100k property with a 90k loan, and it goes up 10% in value, you gain 10k in value for a 100% return on investment.If you invest 10k to buy a 100k property with a 90k loan, and it goes down 10% in value, you lose 10k in value for a 100% loss.Thus we can see by inspection, debt MAGNIFIES RETURNS.

@Christian Hutchinson The condo is in the whispering winds complex developed in 1988.

Can the units in this complex realistically rent for $800/month/unit?  

I'm meeting with a broker to walk an off-market apartment complex here in Cincinnati. 

I'm interested in a 12 unit complex that generates $93,600 annual gross income; taxes are $15,800.Thanks, Doug

It's an office complex that i'd be entering at a 10-11% CAP with under market rents so cash flow should cover requirements.  

I'm asking because if I get a 25 unit apartment complex, 25 accounts seems like a lot.

I have been listening to a guy lately who owns about 5,000 units and is very against home ownership being bad right now and buying small apartment complexes right now with tenents who are basically making your payments of debt being the way to go.