Are they in the flood zone? 

Starting off I’m looking for light to medium rehab while I learn the process.  

Quote from @Casey Eiland: I’m noticing an interesting shift here in Columbus:• Inventory is finally starting to loosen up• Sellers are getting more realistic with pricing• Rents are still holding strong in most sub-markets• Small multis (duplex–quad) seem to be sitting longer than last year• But good value-add stuff is getting snapped up fastFrom what I’m seeing, it feels like one of the better windows we’ve had in a while to pick up small multifamily, especially anything with below-market rents or light cosmetic rehab potential.Curious what others think, are you being more aggressive right now, or staying cautious until rates move?

It is flooded with investors desperately trying to score a deal.

No worries for hurricane or floods either. 

Noticing a pattern lately:Some properties that look overpriced at first actually make more sense after adjusting for realistic rents and PM costs in this area.Examples:• 3-bed units renting faster than 2-beds• C-class neighborhoods showing surprisingly low vacancy• Light value-add increasing rent by $150–$200 with minimal workAnybody else seeing similar patterns in their underwriting?

With values up in many markets, even a light cosmetic refresh (paint, flooring, curb appeal) can help you get top dollar without a full renovation.3.

One light fixture across the entire portfolio.

Instead of howling at the dark, @John Clark: why don't you light a lamp for those who are lost? 

Here’s something I’ve noticed lately while running numbers on small multis (2–4 units) across the Triad:A lot of investors underestimate how strong the rent-to-price ratios still are here compared to other Southeast markets.Typical small multi deals I’ve been tracking:• Purchase price: $170K–$260K• Rents per door: $900–$1,200 depending on the neighborhood• PM costs: 8–10%• Taxes/insurance still relatively low• Most deals landing around 6.5%–8% cap with light value-addNothing crazy, but steady, predictable cash flow — especially for out-of-state investors who want an easier entry point than Charlotte or Raleigh.The biggest tip I’d give newer investors is:Run your numbers with OPPORTUNITY in mind, not perfection.Cash flow still exists here, but only if you look at realistic expenses and know what areas rent fastest.I’ve been checking out different pockets around Greensboro and High Point recently, and there are still opportunities.