(obviously not w/the 50% "rule", which would have you at $15,090...)Also, have you comped efficiency rents in that neighborhood?

Obviously having your license can help you find deals through your office before they ever become public.

In your lease, you should have rules about what you can hang and what alterations they can make- so this would obviously prohibit people from hanging anything on the exterior of the building which would warrant using a ladder.

It is an option I obviously need to research in better detail!

@Jeff GreenbergWe obviously are much smaller than you, so I'll defer to your experience, but on small apartment buildings 12-20(ish) in C class neighbourhoods your saying one should expect to settle for a CAP of 8 or 9%?

Since 95% or so of foreclosures here are underwater, that's the obvious angle.

Obviously there could be a situation where the donated value is less than the purchase price if the value has declined during your ownership.

Obviously there are plenty of motivated sellers in a sellers market.

Obviously job-growth and entrepreneurship are key to success. 

talk to a hard money broker or look for private investors.If the deal is right, the hard money broker can make the deal with little out of pocket money (again, depending on the deal) but obviously it comes with cost.