Don't expect the land to be cheap.The main thing that drives the price of residential properties (including multi-unit dwellings) is the location.Location, location, location!

Besides November and April, I'm expecting the occupancy rates to be similar to what we have seen so far.Please feel free to reach out directly with any questions.Mike

For me these properties usually end up having knob and tube wiring so we take them as expected gut jobs. 

So if you don' t read the condo documents you may purchase and find that you can't rent it out because there are too many rentals.Also, there is a risk of special assessments at underfunded condo complexes. 

I have a multi under contract with the bank soon to expect the offer (based on seller's agent).

I will not buy based on seller's pro forma expectations.

OREO =  Other Real Estate Owned             its a banking term that most bankers never want to hear and quite prevalent in the GFC. and I had my fair share as a lender as well.. these are when you making originations that you expect to perform then they don't and you have to foreclose... when you buy a bad note or NPN not sure what you call the asset as you half expected to get it back.. half expected to turn your borrower around and or end up with the asset.

Since I know nothing about the area, I'm curious what I could reasonably expect for rent.

Mark,I would be happy to talk with you about this but t would take forever to type my rely on here.

I definitely understand where you're coming from, although I should note that this was actually not in the kind of neighborhood you would expect this kind of thing to happen.