In the last 2 years we have primarily flipped the smaller multi family in order to purchase buildings that are 5+ units.As a whole we are seeing that the local market is valuing completely redone small multi family more so than they did 5 years ago when our partnership started which is why we tend to rehab and sell more lately.Either strategy is viable in this market with small multi family in my opinion because if the numbers work for a BRRRR where you will be getting most of your cash out than they will certainly work for a flip.

Bloomberg tends to have a bit of a pessimistic bias.  

Another way you could do that mental calculus is set a minimum required return for a given type of investment/risk ... and if you can't find anything that meets this return, then keep looking but build your cash ... bad stuff tends to happen when you compromise too much on your minimum requirements, so discipline and patients is prudent IMO.

The city located a police sub station a few doors down that tends to help a bit with that now.I do hope that someone can revitalize the building.  

Police stations tend to be anchors for what I call "pocket neighborhoods," little localized areas within neighborhoods that are significantly nicer than average.

One unique way of estimation is to consider one major repair only (Roof or HVAC, which tend to be a high cost when compared to other fixes) that is needed for the property you are looking at. 

@Matthew Moore even though people rent your room knowing its not a hotel, they tend to still expect hotel amenities. 

(Few years of high pressure finance experience, a lot of interest in real estate, tend to work until I drop, live in Cleveland.)

Tell him to open his junk mail and that you aren't going to flip out if it's an ARM -- these days, many lenders will not talk about ARMs unless the consumer brings it up first, simply because (in 2017) people tend to flip out if we broach the subject!

A completely different mentality than it was prior to the Financial Crisis.If people think so pessimistically, that tends to slow down an upcoming economic down fall as Investors begin to wait and see what will happen.