. ;)Over 100 units, it's a totally different ball game.

And of the ones that do, there are two primary reasons that it gets this far: 1) the tenant has nowhere else to go; and 2) the tenant knows how to game the system. 

This is normally what I suggest to people looking to get into the game. 

Rents would have to be closer to $3k to make sense unless you are playing the appreciation game. 

I like the land game i grew up in it. so i understand it. 

I love the mentality of just getting on-base, Michael, so that you can get into the game, but this is looking awhole lot like you're leaning your head into the strike-zone hoping to get hit by a pitch that might do more damage than you realize.Somebody else mentioned it already, but what you have budgeted for Repairs, Vacancy, and CapEx just won't cut it on a property of this vintage.

Once the locals start hearing "after developed" land prices, the farming game is over.

Real estate is a patience game. 

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

It has been inspected and my GC has toured the home as well and we have a game plan.