Once you have identified your goals it will be a little easier to pick a "method" that aligns with those goals and implement, test, and evaluate different methods of finding potential investments.

It ignores the loan balance being paid down by the tenants and any appreciation that comes along but if the property isn't cash flowing enough you won't (or won't be able to) hang on to it long enough to enjoy those benefits.The other measures such as IRR, DCF and NPV require that you correctly identify the selling price somewhere out in the future.

Well, maybe the HOA can identify which units are rentals, and then you ask each of those owners if the HOA does not know more about specific tenants. 

During this time buyers & contractors walk the property and identify areas of concern and if we discover something that brings the repair costs outside of the expected number, we can either renegotiate or terminate the contract before the option expires.

Unless and until you identify the catalyst which triggers a reason why they should care, you're working too hard to buy from unmotivated owners.

Grandfathered just identifies that you did "match" at one time then the rule changed, now you don't.

Develop a marketing plan to acquire XXXX members within the first 90 days. 2.Develop sales, revenue and expense forecasts for months 4-12.Identify cash flow needs. 3.Develop sales, revenue and expense forecasts for months 13-36.Identify cash flow needs.Once you've developed your business plan outline, next you need to determine your startup costs and your operating costs for the first 90 days, then months 4-12, and finally months 13-36.  50% of small businesses fail within the first year, not because the owner doesn't provide a good service or product, but because the owner doesn't know how to run a business. 

For that coverage to be in force, the federal government must identify the cause as a terrorist act, which triggers all kinds of other things.As a result, insurance companies specifically exclude terrorism on their policy forms.  

It was to help others know how to identify a good deal.

At the rental price range you state, with the comparable properties you identified, and the balance due indicated, I'd say this is not an opportunity worth pursuing.