If I get ultra high cap rate and way below market rate rents then if tenants pay and stay I win and if they go out after my releasing costs I still win.   

So I do not need ultra luxury, just something that works. 

I understood that party would end sooner or lateral, as these ultra low borrowing rates were an anomaly and would disappear as inflation rear its ugly head.

As @Gene Hacker mentioned you MUST become ultra conservative in your offer prices. 

I ran into an architect renovating a house that used to belong to a family I knew as a kid and he popped the top and did an ultra modern renovation on it now worth $750k!

As an example, the ultra-lux area in NYC has seen price compression due to issues related to the foreign buyers that were buying these properties.

Thanks everyone for the ultra-fast responses!

So I have a few questions the ultra knowledgeable nation of BP.1.

I'm talking about neighborhoods that have elementary, middle, AND high school ranking 8 out of 10 or higher.It seems to me that ultra high ranked schools in the 8 - 10 range on GreatSchools seem to have a nearly 100% correlation toward the neighborhood quality and the desirability for people to move in, and tends to generally remain a high ranking school (except in extreme cases).

Sure you don't get the ultra low federal reserve manipulated rates or terms of fannie mae paper but what you get in return from a good local banking relationship is well worth it.