Reality is most wholesale deals are awful, fake rehab/ARV numbers hidden big ticket repairs and not even far enough below prices you can negotiate off MLS.

Other Considerations:- What hidden costs should I watch for in an older multifamily like this (1940s build)?

They'll have more “unofficial data” on those hidden gems that doesn’t show up on spreadsheetsNow for some little wisdom from my early days in the real estate game.

If you can land something in the West End or slightly outside downtown, you may find a hidden gem.

This documentation will include lender instructions that specify the loan seniority.

Others have clarified the main points, but I want to emphasize that the timing on a 1031 exchange is very tight, per IRS instructions (see below alot more on IRS website).

You’re definitely on the right track with your analysis and way of thinking—looking at markets that land in the top right of your chart makes sense because you’re aiming for both rent and price growth, but sometimes those “hidden gem” cities don’t have the infrastructure of agents, lenders, or property managers that make it easy to invest in from out of state.

Was it a hidden gem, a long-sitting listing with motivated sellers, or just great timing?

Unfortunately, I have seen some recent raises that are effectively hidden pref equity into failing deals. 

You hit the nail on the head: not all lenders are created equal, and those initial offers that sound too good to be true usually come with hidden fees or rigid terms that can cost you down the road.I always tell newer investors to shop lenders like you’d shop contractors — ask questions, compare line-by-line, and don’t be afraid to walk away if it doesn’t feel right.