That is the pressure factor. 

The seller was the original home owner and lived there forever.

You can buy a piece of land or a house for $25K and sell or rent it for $700 a month forever.  

They don't want the excecutors to list the property because that could take forever.  

Just today I found myself taking pics and sending it to a contractor telling him what needs to be fixed as the job was not good.Finally, the time factor.

Minutes will clue you in on whether these types of issues and discussions are happening in the complex.With that being said, there are still other factors to be considered before buying condos for investment purposes.

., each deal will be different depending on the exit strategy, type of asset, market cycle, repositioning vs. value add, to name a couple factors. 

Deterrent is the biggest factor for compliance.It is pretty easy when an ac man comes by and the filter is so clogged with crap that you know it wasn t changed in a few months@Sam Leon 

I am wondering if certain expenses should be factored into these calculations.Specifically If I plan to put aside cash reserves at the purchase of a property (6x monthly carry costs) should I include that in my cap rate calculation?  

When I worked with the public, the first question I asked was "tell me about your situation" because if there wasn't a motivating factor in that answer I was off the phone in under a minute.