A vendor bounced $16,000 in checks to me which caused issues, 2-3 months without an income using savings to survive (barely), Irma trashed a $36,000 contract; you get the picture.I've never missed a rent payment, the house is going to be left in better condition than when I moved in.

If the property has under market rents, cost savings to be had, and other drivers to blend the cap rate up besides annual rental increases then they will look into the 4's for going in cap rate.Lately more focus has been on student housing and senior housing as cap rates seem to be higher and potential for rent growth over time seems to be better versus regular multifamily is almost peaking for rent to income ratio's. 

I personally would speak with someone who knows your market to make sure you are maximizing rents, etc.

I put an offer in on a 3br/1ba condo in Dorchester and the HOA was run pretty horribly, I just am wondering if there might be room to save money on what the building is paying for its insurance.Thank you so much!

You may want to split what you do with your extra money, at least until you have some cash saved up. 

We definitely saved anywhere between $5-10k doing a lot of the work ourselves. 

SideNote: I am saving for my first buy/hold opportunity so maybe I can add value in this way if it makes sense. 

That's a lot of work that the seller doesn't have to do and a lot of experience that can save the owner ton's of trouble and time. 

We only keep around 6-10k in savings.

I will research more and save