multifamily purchase

[Frances P.]

I'm looking to buy multifamily properties in Texas. I've been taught one strategy dealing with motivated sellers and certain cap rates. I've been presented with a property in an area where the land is more expensive than say, the 35 unit apartment building. How do you analyze the value to prevent paying too much for the property, the property cash flows presently, but has some maintenance needed. I'm looking for deals but I also need some cash flow presently, so I don't want to overlook a property even if it's not in the criteria of a motivated seller.