Everyone's waiting for interest rates to fall but not sure if that's going to happen now.

I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).

if you have to demo it all, way easier to have it done vs spending time or money and less surprises.very different project then 20 yr old cosmetic flips and may require a lot more permitting and upgrades since it's all open the building dept may want you to meet current code as much as possible.

Only one couple has actually submitted an application.Although I need to verify some of their application details, it appears like they meet all my requirements.

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

I was trying to back into the purchase price that would meet my requirements to submit an offer; so based on the rent roll provided, I estimated Opex to be 50% of the effective gross income, amounting to NOI being 50% of $112K therefore $56K.

Keep an open mind and try to meet everyone at these meetings.

Have you been going to local meetups in your area to meet other people flipping locally?

Listen to podcasts, watch YouTube videos, find others in similar boat and meet regularly online to discuss. 

for instance even though San Diego has had amazing overall appreciation over the last half century, it was still the #1 in appreciation the past 12 months at a rate twice that of the national average.