I assume I buy it at a 10% discount and invest $40K into the property to increase rents by $100 on 3 of the units and by $300 on the largest 2/2.  

Not sure how it works in your market but bringing a buyers broker to the selling broker in my market for a commercial property would put you at a distinct disadvantage at getting it.  

After reviewing zoning and by-laws and speaking with my planner - a 4 story unit would be feasible here at an 8000 sq ft footprintWe've collected all the data regarding cost to build 4 stories and a mix of smallest and largest units to get a ballpark estimate (give or take 5%)  and we've calculated the revenue from all potential different sized sized units, down to per sq ft of revenue.

A good appraisal will also do a write up of the largest employers, job growth, and general economy of the MSA in which the deal is located.

What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuitsHow familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

Jonathan Twombly I think you hit on my largest issue with the lauded "best" cash-flow markets.

From KTUL.com Low Rent Attracting People to TulsaAccording to a new study by apartmentlist.com, Tulsa has the seventh lowest rent of the 100 largest cities in the country.

@Jesse Watts  Just because a property needs repair doesn't mean it's not a good candidate for MLS.By definition and MLS listing will expose the property to the largest number of buyers and that's how you get the most money for your Mom.Needing repairs means it may not qualify for a standard FHA, USDA or VA loan but there are other options. 

Newark is a tough city to start but as the largest city in NJ there are lots of opportunities.

There is also a vast distinction between "social benefits" for citizenry (which exist in both our countries), a "socialist nation" (which neither Canada or the U.S.A. are) and corporate welfare (which is alive and well in both our countries).I invite you to step outside the keyword stuffing echo-chamber in which all your existing participation on BP has been and participate in the larger community  - it would be an opportunity to learn about your neighbours.