They were either too expensive or located in a challenging neighborhood.Then last week I received an email from an investor selling an apartment complex.

It is located near downtown Durham NC and it seems every flip i see in the area has the kitchen relocated to the front, and seems to be the expectation around here.  

The location on the river in a desirable area is what allows us to do this large of a project. 

A slumlord describes the landlord who doesn't maintain the property up to building code and habitability standards, and who doesn't respond to tenant requests for service and maintenance.The location of the property, amount of rent collected, value of property, or income of the tenant is NOT what defines a slumlord.

@Ryan Groene I live 9-10 hours from this location, so yes I'd need an onsite property manager.

Based on the posts from OP, I'm sure that he (OP) wants something from the owner or is trying to locate the owner for a reason the owner wouldn't be happy about.

Recession resistant asset class (people downsize, move in together, move back home, etc. during recessions)Cash flowing asset (not dependent on market appreciation)People buy a lot of crap and toys during good economic times (and need a place to put it)75% of the facilities in the country are owned by non-institutional owners (opportunity for adding value)Small ($10-30) rental increases create large increases in NOI and property valuationSticky tenant baseUnits are easy to maintain (brick and metal, no amenities, little landscaping)Location, population growth, and barriers to entry matter. 

The way I see it, unless they start tracing your IP address to your computer's location and triangulating that way, OR AirBNB starts forcing you to provide a unique identifier like a SS# to open a new account and then somehow verifying it (You can still have friends and family have accounts this way) and using a blend of strategies to make sure you aren't gaming the system, it will be very hard for them to enforce this for those who are motivated to get around it...

@Nik Moushon I think it depends on the number of units you are trying to purchase or locate for a multifamily property.If you are looking for smaller less than 20 to 30 units then I believe using a real estate agent to help you find these would be okay.

Location and age of property are big factors In this one.