No doubt there will be some internal and/or external common areas to be built too.

At the same time, I started working for a great FW architecture firm, as an Architectural Intern (as I don't have my license here yet).About my REI: I bought my first apartment, designed and managed the renovation when I was 23 years old.

I was born and raised here so I am used to the crazy prices and lack of cash flowing properties ;-) I'm an engineer by background so I love my spreadsheets and internal rate of return analysis!

John MartinezMidwest Revenue Group

You can make it attractive for him by charging less rent than he would pay somewhere else, and the attractive part for you is that you don't have to do anything, get revenue from day 1, and most importantly no rehab (which could be significant depending on the condition of the place).Others will argue that if the person didn't pay their mortgage, they're probably not a good tenant, but I followed the above strategy on a Hubzu house.

.*** GRM is strictly a function of Revenue, where as Cap-Rates (my preference in evaluating a deal) takes into account Operating Expenses ("OpEx").I think this is especially important Connecticut where OpEx can be high because of 1) high taxes [especially in Bridgeport], 2) the majority of properties are old (requiring more for both reserves and ongoing repairs), and 3) the high cost of labor/service contracts in the state.That being said - and somewhat contrary to the above - many commercial brokers in CT of mid to large multi-families typically trade properties on a price per unit basis (and the price will fluctuate depending where in B-port).

I picked up a 4plex that needed no work for $99k in a nice area that has revenue of $2300.

The best metrics Internal Rate of Return (IRR) but that takes into account future increases which is at best an educated guess.To Wayne's point "cash on cash" is the cash return on the cash invested.

The cash method accounts for revenue only when the money is received and for expenses only when the money is paid out.accrual method:  Under the accrual method, transactions are counted when the order is made, the item is delivered, or the services occur, regardless of when the money for them (receivables) is actually received or paid

I've reached out to some local realtors who specialize in investment properties seeing if they would be interested in acquiring someone for an intern type position, and thought I would extend the question out to the landlords and property managers around the Des Moines area.