Total Expenses: $8,734NOI: $17,380Vacancy Rate: 6% (agent said to use 10% to be safe for this market)My calculationsIncome: $26,352 (@ $549/unit)Expense: $15,811.20NOI: $10,540Comparable properties in the area rent for $500-800 in the area, water and/or other utilities seem to be included in some combination in most other rentals locally.And I looked up the assessment/tax info again (appears to be listed per unit with county)Assessed value: $32,147 per unit x 4 = $128,588 totalNet tax: $642 x4 units $2568We are seeing the properties today so I'm hoping to verify some of the actual numbers.

I'd recommend a combination of techniques such as mailing a letter, then mailing a postcard, and door knocking.My biggest suggestion for ANY type of marketing is to do it consistently and persistently.

thebesthouses,Not that I'm endorsing Sheets at all, but based on your statement, it sounds like you should be the one with the educational course.I don't know much about Sheets or if his techniques work in the real world.

My ecommerce business has been quite successful and is bringing in significant profit I'd like to reinvest in more long term, safe real estate investments.

40% equity across your real estate assets is conservative and safe.

If that income is and will remain safe and high quality, the market will pay more for it (a lower CAP rate).  

I've found a LOT of good deals, but have only pulled the trigger to offer on a few that feel EXTREMELY safe to me.

But honestly, as a new investor, I would suggest you to stay away from that area and property.When I purchase a property with tenants in it, the first thing we do is make the necessary repairs that will bring the property to a safe standard.

They're not "home-run value-add" deals by any means, but as my first apartment building acquisition, I wanted to show my investors a safe(r) property, in our own state, with strong cashflow and favorable returns for their investment. 

Assuming that you applied all of the money gained from the refinance back into real-estate, it's probably safe to assume that you would increase your expected returns, and increase your exposure to a drop real estate prices.