I've seen people turn properties with mid-teen returns in a year or two, but part of that is due to cap rate compression. 

@Scott Wilson Little Rock is a good area where the price to rent ratio makes more sense.In saying that, as of late, so many investors from the East and West came in, so Cap rates compressed, and returns are lowered.

The debate might be long term appreciation and potential compression of cap rates if you pick the perfect area.

States have varying cap rate compression by remaining term left on primary lease, location with demo's, tenant credit grade rating if any, lease structure and terms, price range, asset type within NNN ( QSR, dine- in, bank, pharmacy, dollar store, auto store, medical,etc.) 

Im finding that Florida, California have super low compressed 2-4% CAP rates (at least for on-market deals).

While the markets I have chosen may not have as much rent growth or cap rate compression as other top growth markets, I believe the lack of competition makes up for that.Just as investing in the stock market, or bitcoin, or anything, you want to be ahead of the heard as best as possible.

As rates continue to compress elsewhere, we all have to get creative.

Cap rates are steadily compressing every year and it's a pretty competitive market already for multifamily investors.

Most of the folks on this site just were not around during those days.. and during the GFC you had some price compression but not as bad as the 89 to 94 time frame. 

The downside being that they’ve inflated purchase prices MUCH more than rents which compressed the cap rates