Average total household income in my capital city (Melbourne) is $80k AUD ($57k USD ), a typical 3 bedroom family home 40km (25Mile) from the city is $500k AUD ($355k USD).

I'll convert the amounts to dollars for easier comparison.Few years back, I bought a condominium unit in Manila, Philippines (where I'm a local but I'm living in a different country) and it's within the central business district. 

If this deal seems feasible, I will then follow up with other apartment complexes to compare and see why they are priced so high and what I can do to make the value better on the subject property.I do not have any experience in MF investing, I have bought individual condo units in different associations as rental properties, but that is the extent of my knowledge for Condominiums.

Does this mean it shouldn’t have 3 different households or could it be grandfathered?

If this deal seems feasible, I will then follow up with other apartment complexes to compare and see why they are priced so high and what I can do to make the value better on the subject property.I do not have any experience in MF investing, I have bought individual condo units in different associations as rental properties, but that is the extent of my knowledge for Condominiums.

How can I find which REIT owns a particular condominium/apartment building? 

So, depending on your household income, price of the properties, and the terms you negotiate, you can determine how much you can afford to pay for both homes.  

We should have that auto loan paid off by November or December at the latest, and then we'll have $8k-$12k of income coming in every month with only a mortgage payment of $900 and a few household bills to pay from it. 

On top of that, the costs of owning a home are surpassing the costs of renting, so more and more people may rent for the long term and it is estimated that renter households will outpace homeowners by four million.

The household income is under 35k, which may lead to evictions.