A lot of this will depend on the condition of the property, which we don't know.  

Your question doesn't mention type of property/size/condition/situation...

Look through the marketplace here and you will see many. 100% agreeIn upstate NY it does NOT have to be a bad area to find what you are looking for Was just at an auction and a former bank 3 stories in perfect condition sold for 35kIt really is a gold mine but I only am there in the summer and have even better things going on in FL for my money But if that is what you are looking for take a couple days and drive between Buffalo, Syracuse and Rochester.  

I picked up my condo for a great price and did a complete remodel which has increased its value by significantly more than I put into it, which made me think why don't I do this with other condos and sell them at a profit (hopefully).

that's not fee a tenant should NOT have to cover.. it's required,, Lock change no fee unless they failed to turn in the keys,,  did PM take any photo's of before condition,, and photo's of move out condition.. 

The neighbors get foreclosed on more than typical neighborhoods and that keeps values lower for longer.2) HOA association decides to levy a $20K assessment on all owners in the neighborhood in order to upgrade everyone's windows, decks, roofs, and siding.3) HOA increases monthly dues by $250 per month in lieu of a large special assessment. 

So they got what they wanted which was a chunk of cash up front and I got what I wanted which was a good return on my invested capital.The seller had a recent appraisal on the building so I offered them a bit less than the appraised value and we worked out a rent that is comparable /sq ft to similar properties in town.The seller gave me yearly rental increases and I gave him the option to buy the property back from me any time during the 5 year lease term because that was important to him.One of those classic win-win deals.

For example, typically if a tenant leaves the unit in good condition, we'll refund the full security deposit minus a nominal cleaning fee.  

I  do think pricing on fully leased good conditioned multi-families is difficult, and some I’ve looked at sell in a couple days all cash.  

I am biding my time a bit, last year when we finally got the town to phase out rent control on vacancy we were also able to get them to include a floor increase of 1.5% if CPI is less.