When evaluating know in general d grade expenses spike and reliable pm is not feasible so really only self managed properties work and from CA that voids that option. 

Full evaluation of this condition isbeyond the scope of this inspection.

At 25, I figure you can't have been at it all that long and if the job is what allows you to pay your bills + to save and invest your capital then giving it a couple more years before you re-evaluate is probably your best bet. 

Remember, you can't increase rent more than 7%+CPI annually per state/local regs on current tenants, and watch out for Portland's relocation clause.Remember, the %'s are just tools to help evaluate, but you need to know the numbers.

They should also be able to help you evaluate the property, the borrower, and also you for suitability.

When I'm evaluating something I usually use 7-8% and that is more in line historically with the 1980s units.As always with self managing, know the laws and screen properly and you'll save yourself a lot of headaches.

My question really is more about, as a new investor still trying to figure out strategies, how to I evaluate different strategies? 

Carlyle,I’m currently evaluating an apartment building in Dallas, but I live in Houston.

In all reality they are real estate assets and need to be evaluated based on real estate considerations like ROI, performance proforma, quality of lease and tenant, structural soundness, location, and other construction concerns.  

Ultimately I would say the market you are evaluating is much more impactful than a few % in LTV these days.