I realize you aren't in that same arena but it speaks to the demand for additional MF housing. 4) The best deal is one that you can add value.

That should give you more confidence since there would be no demand for those deals if they were not good on paper.

My long winded response demands that I apologize but I hope this is helpful.

In return, you expect and demand that rent is paid on time.

For "buy and hold" investors, the markets support rental properties, with high demand, and very low vacancy rates.Texas and Oklahoma also have many other smaller markets in both states where you can do very well investing based on oil & gas prices and pick up properties very cheap that will rent for more than 2%.

I suspect there is more demand vs. supply for the cheaper units vs the top end, but there are other considerations, such as quality of tenant and property values.  

Is there a lot of demand?

Instead of figuring out how to write a low ball offer, figure out how you're going to find owners that have a need for their own demanding terms so you can trade your flexibility of terms for a lower price. 

My specific area is in a higher end part of the state and the prices are just outrageous, due to its location and popular summer rental demands.

This is only if the submarket will support it and if you have a product that demands this price.