It's been gutted and rehabbed but doesn't have air conditioning (or a swamp cooler).

What is the current overall condition?

@Leon Chappell - yes, in general a non-bankable property has condition issues.  

I had a contractor walk through the place and am comfortable with the condition and amount of work it needs. 

In speaking to the PM company, I was told that the delinquency on the 12 month P & L tracked the monthly change in delinquency; if we started the month with a delinquency of $1000 on the first and at the end of the month it was $1500, only $500 would show up for that month's delinquency and the overall delinquency balance increases.

If you can increase the income through a legally zoned apartment you will increase the value of the building not just your cash flow so its at least worth pursuing. 1) Call your local zoning board.

The reality is ff we don't close, our capital is tied up, holdings costs continue to increase, and we can't move on to the next property.  

I don't think I have enough saved up for the costs it will be in order to get this unit into a move in condition.

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Hello All,I'm interested in some valuable feedback on the multi-family real estate market in Greensboro, NC.My research has been formulated from various sources; however, I would like to hear from a few BP members that are in the trenches and/or currently invested in this market.Key indicators like job and wage growth seem to be holding steady for the last several years and property values seem to be increasing steadily.Can someone give me their view on the current cap rates & vacancy rates in their comp set?