We are being very conservative in our underwriting as I would prefer to remain static with little to no vacancy (<2% forecast for the coming year based on present leases) than add 50 units which we might b struggling to carry when the market moves to a further increase in vacancy.

I'd spray it (no brushes) or rip it out and redo it with new MDF trim pre primed.  

Key Word.)Anyways, my first deal was through a yellow letter.An older gentleman called and wanted to sell his house for 65,000.After three weeks of negotiation I got him to sell me the property for 35,000Long story short, I sold it 3 days later for 53,000 without moving a paint brush :)

Also, if you don't know what you can and can't say and to whom PLEASE brush up on that tid bit of info.

Hi Gary,I would still try to pursue brushing shoulders with some of the big boys in Thailand.Singapore and Malaysia aren't to far away from you so maybe you can attend a few business conventions there.

It seems like a better system than buying a list that is static, and probably already used and abused.

I think the ask was $60k for both and I kinda of brushed it off as I said I just never really knew or liked the area.

Based upon your description (exterior, 3800, etc), I will estimate it to be around $2,000 plus material (paint, roller, brush, tape, etc.)

I would probably just brush it off and move on to the next deal.

And since we care much less about the top line, and much more about what's left of it after expenses, we should likely base out valuation decision on that NOI figure - 2% rule does not do that, which makes it criminally incomprehensible as an analysis tool, let alone a "rule".In order to use the NOI as the baseline income we cross over to the capitalization method of valuing property, whereby the NOI is capitalized via a multiplier know as the capitalization rate to arrive at a valuation.Finally, to Bob's comment, since cash flows are not static and must be discounted for time, inflation, and opportunity cost, a complete analysis would underwrite to the IRR (internal rate of return), which would take into account all of the movement of cash, including the exit which captures the appreciation and rent growth, if there are any.