Let's say I can show that similar homes in the area ALL sell for $200k, but I have a seller who is motivated enough to accept $194k.

If I was someones assistant I wouldn't make 1/8 what I do now and only making them all the money instead (if money is your motivation).  

@Mike DymskiYou are absolutely right, Mike, in regards that the quote about IRR Investors was meant as a effect so that there is an understanding that the two are different and implies different Markets and Investment needs.The following is for the readers (not Mike Deymski only).I will say that there is another reason why those that do have the ability to Invest using IRR valuations  (in other words, they don't REALLY need the cashflow but would like to have it) DO NOT simply because they have not spent the time (and I would say it may take months to years) to truly understand the Calculation and how it works.It's the most comprehensive calculation you can have and requires you to do a pro-forma 10 year projection.The problem I find with a lot of BPer's is that they easily dismiss IRR because it's either too complicated and sophisticated that the newbie will need to spend time to learn it before jumping into Real Estate Investing.My personal opinion is that if you truly love Real Estate Investing and are truly motivated, you will eat, sleep and dream about Real Estate.

Prequalify the condition, timeline to sell, motivation to sell, and price to see if they are a real lead.

Stay motivated.

There are also a lot of third-party tools available that provide lists of "motivated" sellers that you could leverage as well.I personally have not had much luck hiring VAs to vet the leads for me.

If you're involved in the real estate investing world, what motivates you?

So i'm not ashamed to say that I am stuck at a crossroads when it comes to marketing and getting the attention of motivated sellers.

If you plan on putting minimal value adds that justifies a rent increase in my eyes but I certainly understand the motive of slight increases over time.

Deferred maintenance - If it is selling for less than the 2004 price, has had a period of vacancy in at least two of the units, then I would assume it's a motivated seller because he doesn't want to be in the RE business.