I also have been looking into a IRRR refi but like you pointed out, I realize that the best way to find out what would be the best route is looking at some numbers in order to achieve my goals.

But looks like I could also just raise an offer with conventional loan by 3K to achieve the some other kind of an advantage but saving a lot of time having to refinance later...

Are they motivated and do they have 100,000 sitting in their bank account?

At some point in time on your proforma, you'll achieve market rents.

Does anyone have any tips for finding motivated apartment communities?

@Steven Wilson That sounds amazing , great achievements to celebrate!!!

The deal is so small you are going to have lenders motivated to lend commercially and be alright with you taking on additional debt so you're basically looking for an equity partner willing to take on this arrangement.  

And that's why-zero motivation for the bank to make a deal). 

With the right tools and systems in place, you should be able to achieve this with only a few hours per month.

These questions can help you determine the seller's motivation and possibly give you insight into how flexible they are with current asking price.Best of luck to you on the property tour and deal #1!