Thanks in advance :) Jared you'll need to know a range of cap rates for your specific:-structure age and condition-tenant base or type of renterYou go get comps of most recently sold multi family buildings in your range of units 25-35 units.You look at the NOI / Sales Price = cap rateSo first you have to understand what a cap rate is what is a NOI is and how to calculate itHow you can manipulate NOI or CAP rate to make a seemingly good deal as a bad deal You have to know the difference between a bad deal or a good deal otherwise you might be setting yourself up for some hard times.Most agents have no clue (in depth) about what cap rates really other than its a formula of NOI / sales price = them selling a property to you to make a commission and its a number you as an investor look for.To determine which cap rates you're willing to invest in you'll have to know how the "cap rate," and this subject property will affect your financial statements otherwise you have no way to plan and you're purely "winging it."

I'm looking for a pure cap-rate play here...ideally paying cash and refi-ing out the $$ into other rentals.Any and all comments are much appreciated!

Reach out if you are looking for a property manager, we also offer renovation services but purely as part of our management...if my business has any weakness currently it’s providing prompt bids for rehab for overly damaged properties for new owners :)

One strategy discussed in the book  that is a pure SPECULATIVE and not INVESTING is securing the right to purchase a condo or townhome in a small development prior to construction and then selling your unit once construction is complete with the thinking that once the structure is standing, a lot more people will be interested and you will be able to sell for more than the purchase price. 

Yes, appreciation is not something I want to count on unless it's pure Bay Area play but even that is speculation in today's market.

These homes were purchased purely for life and not investment purposes.

Buying property for appreciation is like hearing from a "friend" that is stock is good--buy and and make tons of cash...PURELY specualive and not what any RE investor would do...

Either the flavoring or nicotine made me sick. 

Some my issues with this are just purely an opinion.

Problem is, with me being new to the business, I'm curious about finding and working with clients who are purely purchasing/selling investment properties.