I would classify it as a B+ building.

You're busy, "cheap" midwest houses are not what you want, invest in quality product (A/B neighborhoods), this will reduce your risk.

Whereas the real world has moved on to ABS. 

My criteria is to get a deal below the FMV in a decent A/B neighborhood.

The properties that appreciate the best are usually A/B properties but their cash flow is very minimal.

Did the property have any major maintenance or upgrades done to be considered a B class apartment building just because it will not need any major maintenance for the next decade or so to lower the cap rate?

This will more than likely be the case with you property as wellIn Lufkin, that price point could be a B/C area, but you still are not going to want to rebuild as it would be cost prohibitiveBe diligent with your insurance company to get the adjuster out there

Rents seem a little under market to me if it's truly a B neighborhood.As @Andrew Postell mentioned, fourplexes are not easy to find in Dallas.

I’m living in downtown West Palm Beach, Florida and will be relocating my job (J-ust ab-O-ve B-roke) to Raleigh North Carolina along with several weeks working in my home town of Key West Florida.

So I would fund the A-B side it sounds pretty painless and would us a title company and attorney.