I am always up front with prospective tenants that security deposits are non-refundable prior to moving in (and after the become refundable assuming no damage to the apartment).

For example, let me assume you need $30K in rehab, based on teh "40 years without updates" implied by what you posted.

This is important because it determines cap rate target.So rent 483 unit X 3 = 1,449 monthly X 12 = 17,338 expected gross income.No landlord utility go by 50%Take 17,338 divided by 2 = 8,694 NOI before debt serviceSo a 10 cap rate would be a purchase price of 86,940 and this is assuming there is no immediate capex (repairs) to the property.

Perry Apawu - Don't forget that your student loan interest is deductible to AGI...assuming your AGI is not above $75K (single).

I assume of course this is for a cash purchase.

The death of a principal won't kill the corp structure but you may be dealing with heirs, so consider how either party can get out and assume business management.Good luck...

I assume you might mean $800 for all x number of windows? 

I assumed the lack of tenants with S8 vouchers was a CA thing.

Is the loan assumable?

Let's assume I'm working in a vacuum, where there is no appreciation, no debt, stable rents, and the 50% rule applies.