You'll need a solid plan and budget to get the property to a financeable condition (fix the main house, dig a proper well, get structures permitted, etc...).

They often come from mispricing, condition issues, or seller fatigue, not necessarily from secret off-market channels.I’m curious based on your experience, is this something you or clients you lend to would have acted on?

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.

They’ll have firsthand knowledge of the neighborhoods, rental markets, and property conditions, plus connect you with reliable PM, contractors, and lenders.

Request a summary of the condition giving rise to the notice, whether the property can be transferred subject to the notice (or if there is a land records block — not likely), and the exact process for having the condition inspected and use and occupancy approved after the repairs.

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

For a dated triplex with below-market rents, you want a discount for condition and rent lag, not parity.If you want a cash-flow play → offer in the $180K range.If it’s a BRRRR or heavy value-add with strong ARV → maybe stretch to $200–210K if you can raise rents post-rehab.Here’s how I got it:Gross rent: $2,400/mo = $28,800/yrSubtract ~35% for expenses → NOI ≈ $18,700At a 9–10% cap rate, the property’s income supports roughly $187K–$208K in value.

It is unlikely they have pictures of the condition of the unit before your daughter moved in from 10 years ago.

careful buddy let's read the terms and conditions for biggerpockets: You also agree that BiggerPockets, in its sole discretion, may terminate your password, account (or any part thereof), or access to or use of this Site for any reason, including for lack of use or if BiggerPockets believes that you have violated or acted inconsistently with the letter or spirit of these Terms of Use.