Here is my 2 cents. I have 3 rentals in Ohio. My last one closed in Jan 2020.
It sounds like you are going in the right direction. You even have your possible solutions in your post. That's awesome! Sometimes making the decision is the hardest part. Hopefully the responses you get will help you with that. Good luck! Keep moving forward.
1. My deal analysis is too conservative.- It might be a little, but you need to feel comfortable with what you do or you will tank, stressing about things.
2. My criteria for properties is unrealistic (B Class neighborhood
where I can buy low, renovate, and appraise high enough to get 50% or
more of my capital out in a cash-out refinance).- this is the same as 1, but you might look for ways to reduce cost in rehab. Also think about what you make on your money if it just sits.
3. My local market doesn't support the strategy I am trying to execute- this is very possible. You may want to focus here. If you can find markets that meet your criteria for the cash flow when you buy retail, you should be able to BRRRR without too much of an issue.
2. Change my investment criteria and/or deal analysis assumptions to make more properties work on paper.- Keep it accurate, but don't force it to work. That can lead to big headaches and little or no money/profit.
3. Look for off market properties not on the MLS using direct marketing efforts.- Definitely a solution, making things lean in your favor. Just remember marketing will be an expense, but if done right it pays for itself and then some.
4. Look outside my local market for a market where BRRRR deals are easier to find.- Hell yes. If your system works in another market go for it. Make it easier on yourself.
