I know for a house requiring renovation the suggestion here is to buy at 70% ARV less any renovation expenses. 

Sometimes the appeal of cash flowing properties like these are quickly squashed because of rehab expenses involved. 

Generally, electric baseboard is much more expensive than oil heat(see link below which allows input of various prices for electricity and oil.)

But also mentioned "that $100K property you avoided because you thought it was too expensive."  

So, do you make your own expense numbers up in order to get to an NOI? 

We avoid asbestos siding on property as even if it's covered in vinyl, you're one wind storm or tree limb from a major expense.   

This means you have to hire a pump truck to periodically empty the holding tank, which is supremely expensive. 

we are thinking to acquire a 30 or 50 units apartments in the near future, but every where is expensive and does not make sense, is Sacramento or Stockton having those with good cash flow?

You should only have 5-10 units in turnover at a time with a portfolio that large so any utility expense outside of those properties should raise a red flag. 

The owners of 100+ units can sustain and adjust since they knew at purchase this was a possibility.The new entrant to the MF space (possibly from BP since, along with the gospel of Cash Flow, another often repeated never questioned manta is that SFRs are a stepping stone to multi families) who has a few 5 or 10 plexes didn't underwrite the deal thoroughly, assumed rent growth keeping pace with expenses, and equal entrance and exit cap rates will feel the most pain.