Are the units vintage quality with in-place rents $500/mo below current market?  

It varies a lot and depends on the vintage of the property and your tenant base. 

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

He launched a small OZF to revitalize a vintage office building in a transitioning neighborhood.

Spanning more than 8,000 square feet, this outlet will feature a large outdoor patio overlooking the Strip and a unique company store selling exclusive merchandise alongside your favorite burgers.

Other properties in that area of similar size and vintage in good condition have sold in the low $200s and rent in the $1600-$1800 range.  

Many of REV’s brand websites appear to have limited or outdated merchandise for sale, and some sites look like they haven’t been updated regularly.

Underwrite to reality, not what you hope costs will be, because they aren't going back down.Post-pandemic vintage syndications:  You are mostly right, Scott, that these investors are cooked. 

There are 1920-1930 vintage properties  with recently updated mechanicals and a new roof and there are the same vintage properties that need work. 

You also need to understand the vintage of their deals.