I understand that the value of in apartment complex is based on the NOI.

If you cant prove the foreclosure was inside the BK then with FHA you'll need to wait 3 years from the date of the foreclosure.This is a bit complex so hopefully that wasnt too much info.

I am interested in investing in a multifamily complex in Pasadena, Texas (next to Houston) and was wondering if anyone had suggestions on what macro factors I should be considering in my due diligence.

I one time bought a complete set of appliances (fridge, washer/dryer, dish washer, microwave) from a maintenance man at a large apartment complex for $500.

Fast forward to today, I still have a $153,000 mortgage on the town house (Interest only), it's valued at around $163,000 (according to Zillow and other resources I've found) but there's a similar unit on sale for $169,000 in the complex that hasn't sold.

For instance, one of my complexes had unground water leaks.    

When I was buying apartment complexes in 2011 it was nearly impossible to get investors into the deal.

Now I understand what it takes.I am looking to invest in multi-family and apartment complexes.

I suppose the short answer is contacting the local Planning and Zoning Commission to get an understanding on What mixed useage is allowed in the complex .What is your Cost Conversion per square foot if the town allows this to happen ?"

Scot's post was more like a healthy dose of complex carbohydrates.