I would add that with a multi unit you will probably be paying for water bills and, if applicable, grounds maintenance (grass/snow) unless you can somehow bake those charges into your leases (difficult to do with a multi-unit.)

Even hardened investors with boots on the ground and years of experience are struggling very hard to find deals that even remotely pencil out.  

If you have concrete evidence to the contrary or they made a blatant mistake, then you probably have grounds to challenge their opinion.  

I'm currently building up an out-of-state portfolio in New Jersey (my old stomping grounds), so I'm familiar with where you are and where you're about to go.Without responding with a novel, I'm attacking the BRRRR strategy for my properties.

You can certainly get great deals here, but without boots on the ground, it's very difficult to secure equitable deals. 

The house is just in terrible shape, our first realtor took us for a ride.The front porch was leaning badly and sinking into the ground.

I hope I can get my business off the ground as quickly as you can!!

Just a heads up, most of the time these types of transactions don't make it past the due diligence phase, and the "deals" being offered up are just MLS retreads everyone else has passed over. 

In terms of due diligence, for example, for an acquisition FHA under Section 223(f) you would be looking at an Appraisal, Phase I Environmental Assessment, Capital Needs Assessment (depending on the age of the property it might include Asbestos and Lead Paint testing) and Radon testing (where applicable).

Can an HOA limit only 1 homesowner from adding gardens or mulch areas - no one else is affected by this demand.I recently requested to the HOA to replace a area between 2 mulch areas with a ground cover as the grass is either dead or very thin.