Russell is on the money re the 1980's seeing some shoddy multifamily construction, but it was the rapid depreciation of rental property allowed under the 1981 tax reform that was the real culprit. 

Utah’s population is growing rapidly.

Thanks @Paul Sian for the extremely rapid reply!

Many people wait to buy until they have 20% saved, but in a rapidly appreciating market (like the one we're seeing in Denver right now), that is a losing strategy. 

Overall, rates are rapidly increasing across FL. 

As the area develops, West Tampa/ Ybor rents are rapidly increasing.

Chris it's all relative.If I am the seller on this I want to get the most money possible.The 50% rule doesn't happen many times on multifamily buildings.Someone isn't going to turn around a vacant building and totally rehab it and then hand it done back to you at a discount.So what I tell investors is be realistic.If you want awesome returns you are going to have to do work on the front end.If you want turn key you will pay a premium for it.There is a correlation between those wanting to grow cash flow at a rapid clip and those that make so much money with their own professions they do not have time to push the envelope for returns.For them landing in something at a 7 to 8 cap that they don't have to worry about is a better choice for them.If you have no money you create a lot of forced equity through turning around problem properties.What the seller is saying is "Look everything is brand new for you and is good to go".I would caution you that "New kitchens,appliances.all new bathrooms and tile throughout every apartment." might be a time bomb.How old is this building??

I meant furious in that your postings were in rapid succession.

In a MHP the mobile is separate from the ground lease.Used mobile homes (manufactured homes) depreciate very rapidly. 

But what plays out is the cash out puts you in a new LTV bracket, they go in 5% increments.