Topic: Any tips for finding apartment buildings under value?

I've historically bought houses under value that needed significant work. Short sales, foreclosures, etc. I usually target 12-15% cap rate after expenses. I live in a region where 3 bed 2 bath homes sell for around $120k.

I'm interested in looking at apartment buildings in the $300-600k range, though I'm not opposed to more if it makes sense. There's a fair number on Loopnet, all going at the average rates of 7-8% cap rate. Obviously, to beat that, I'm going to need to do some work in finding off-market properties that need work.

But investor owners are different from homebuyers. Does anyone have any tips on finding distressed landlords who might be motivated sellers? Or any other tips on finding apartment buildings that might need work before they hit the general market?

Are you looking for under value apartment buildings in a specific state? How big of a building are you looking for?