Was hoping to get some perspectives on a three unit (2-2br, 1-1br) deal I'm evaluating (would be my first property).

Sometimes sellers have to learn the hard way... if theres one you like and your offer gets rejected, come back to it later if it's over priced and re-evaluate. 

Buyers would evaluate this deal for the upside as rents would be expected to rise substantially over the subsequent few years as LIHTC tenants move out and units are re-rented to market rate.

I am new to evaluating properties for wholesale.

Not sure how familiar you are with Spokane, but it can be a tad interesting when evaluating deals because. thanks to the very recent gentrification of the city, there are class A and B areas that are extremely close geographically to C and D areas.

From there you'll need to learn how to evaluate managers/sponsors of those types of assets.

You want to be sure they understand the basics of evaluating investments: expense ratios, cash flow, estimating rehab costs and such.

Most of the properties we are evaluating are in the Southern California area.

If you did not already own the property then you evaluate it a different way.The business model for many real estate moguls is to 'control' (own) as many properties as possible.

But that’s not all you need to consider when evaluating your cash flow.