why is the property on the market (need for cash, moved - down-sizing - family)has it been previously listed - how much and for how long - why didn't it sellwill the seller consider - lease with option with possession - seller take back - a delayed settlement - 1031 exchange - joint venture with hybrid auction marketingdays on the marketalways read the remark section of the listingask the agent for some inside information (off the record) about the propertyWhy are you interested in this property?

I have enough cash roughly for a shell, so a bank should cover the construction cost if it's a smaller size project, right?

I've posted a few articles below which outline the new and most restrictive ("progressive") rental laws in the country, which limit the size of security deposits, non-refundable deposits, and requires giving tenants and option for a payment plan to pay move-in fees.

Cost Approach might not be applicable if the building is older.For SCA appraiser will consider sales of similar size buildings- maybe 5 to 12 units within the neighborhood or city and then make typical adjustments.

By luxury I mean homes in the 3 to 5k sf size that are being marketing as finished product for $1.2-$1.7M.

You won't find too many 50+ unit opportunities in markets with only 100,000 people.100K populations are an interesting demographic threshold where medium size towns and their suburbs are just transitioning into a metropolitan market.  

This left me wth a very manageable list size of 17 buildings that I would like to go drive around and look at, research, and contact the owners to make an offer.Here is the problem: list source won't let me purchase the list because it's only $2 and they have a $50 min.

What size projects are these? 

So what is average rent for that size condo.. in your area.split it by 3 and you have the answer,, or close to it. add on's would be internet, cable, utilities, and if washer dyer is in unit, and if garage space is available.

However, after doing more research in the area the rentals have become scarce and driven up the rental prices in the area to around 1200 a month for a house this size.