There is some consensus amongst major owners/operators that prices are very near the bottom (maybe this is positive thinking, but this group also sets the market by being the major buyers and sellers).  

This is assuming the Providence area.Your taxes look like you are factoring is non-owner occupied.

I see small commercial in the same city that trade between 5% and 18% cap rates because net income isn't the only factor for small investments where the owner may do a portion of the work to operate the property and the buyer will use employees.

Here are some more details...The property has a $40K+ water bill.The water company has informed us that with foreclosures, the new owners are not on the hook for past balances.so the lender/trustee is responsible for rectifying this... and the balance is so high they're delaying until they figure something out.Aside from that bill, there are no other encumbrances and we're able to get clean title with owner's title insurance.We got in the deal with cold, hard personal cash.We have a balance, which is {AuctionWinAmount - DownPayment].This balance accumulates interest until we close.so we have equitable title, but the property is not deeded to us until we close with the trustee.

Owner financing can be a great option, I have purchased properties that way.

The owner has a 3% apr loan with 23 years left and a balance of $33k on the solar panels.

If you work at it sooner or later you will come up with an owners name even if it is an LLC.

The state of NY is now requiring LLC's to register their owners (to offset for the enormous issues we have here with deadbeat landlords).

Start asking your PMC to take a narrated video or Facetime/Zoom you from the property when looking at the issues.It is VERY frustrating for an owner to pay for stuff they don't understand.

*The subject property has 1-4 units and one is owner-occupied.