There is no way with proper expense allocation (especially maintenance/cap expense allocation) that this will produce anywhere near $400/month positive cash flow.Analyze the appreciation outlook. 

I’d assume buyers in this area would be more attracted to a home that has been updated, but I’d like to prove or disprove that assumption- What’s your typical deal structure: cash sales or notes?

It was fine at first, because there were some pretty sick amenities that came with the apartment, but as winter came, the pool closed up and the city became less attractive because of how cold it was.

To make matters worse, we also had to lower rents to keep existing tenants and attract new ones.

If, best case scenario isn't looking all that attractive, there will always be another deal (easier said than done, I know).

Ask the seller to produce the rental licenses for the property - that should give you your answer.  

With that in mind, if you book for any days starting today (24 Mar 20) knowing that all the area attractions have either been closed or severely restricted by the local government, then our strict cancellation policy will remain in place.

Unless the Fed can produce test kits or a vaccine, it may not matter.

What type of clients are you trying to attract?

I’m more focused on Very long term property holds (generational legacy building) in sought-after areas that attract high quality tenants.