What are the best emerging markets for Multi-Family Investing in the US currently?

I'd also be surprised to see him get a mortgage at 4% with that high of an LTV.

Surprised to hear it might be more common than I thought.  

Try to figure out what your budget needs to be:  personal emergency fund, reserves for the property, down payment, closing costs, etc. and use that to back-in to what you think you'll reasonably be able to afford. 

I have already closed on the property and the renter is surprisingly current on rent and utilities despite the circus the previous owner put them through. 

I have about $10k for my emergency fund.

I'm a bit surprised to hear a broker say you can't find a deal on the MLS but definitely appreciate you shooting me straight. 

I was a bit surprised...I think what a prior investor did, is they bought the tri-plex, then sold each unit as a "town home" - to the tune of $400,000+ for each unit. 

Then, during the downturn, you could expand your position and emerge in a much better situation as things recover again.

I'm not surprised it got a lot of attention.