Clarify how many units they manage and the quantity of PM's. 

I buy it in enough quantity that I pay $2.19 sqft.

There are numerous websites and references to research market date.  

I agree, there have been numerous posts lately about finding syndication investments for sophisticated investors.

There are numerous apartments, a Marriott hotel,  dog friendly parks, walking paths, fountains and small "lake", entertainment venues, night clubs, retail, boutiques, yoga, gyms, restaurants and personal care beauty services minutes away, There are many corporate HQ's within a few minutes drive, plus it is on the tollway and 5 minutes from 121.

Anyone please feel free to correct me.Could be numerous reasons as to why they've been on the market that long, could be that the owner is trying to sell them at or above market value, could be some issues with the properties, could be not much interest for properties of that type in the area, could be the area is over-saturated with housing and they're hard to get rented, any number of things.To answer your question obviously you're going to want to look inside before you even put an offer, the general rule is the landlord gives 24 hour notice to tenants.

The communication and what is available often gets muddied the further you go down the chain from the direct source.If they ask you for any upfront fees RUN as fast as you can away from them.There are numerous posts on this subject.It sounds like your whole premise of making the deal work is the financing.I have not seen funding at the levels even close to where you were quoted for a non-performing asset like that.Too many other performing loans that are less risk for a lender to lend on at those low interest rates.Typically unless paying all cash for the deal the value add buyer does not want to use private or hard money because of the very high carry costs (interest rate),points,short term of loan to refi costs,etc.Instead the value add buyer will try to get the current owner (usually a bank) to finance them at good terms and the buyer injects some of there own cash to get the property performing.The debt service is much lower in this situation and funding is easier.I can see a bank that owns the property giving those terms as they have an interest in getting the non-performing asset performing again.To an outside lender it's just a new loan and they do not have the motivation to get creative with it.

As an Appraiser, I would approach it in numerous ways.

In my county you can have numerous units on the same well but only one unit per septic.

That is the optimal purchase quantity, enough to fill the cabinet.