@Thomas Hickey markets are very tight right now and folks are being ultra competitive.

I know the ladies in Norfolk are ultra experienced and know what you can and can’t do.

As for why the vendor is not proceeding - I am not certain, but I think he was looking to make the apartments ultra high end, which is very speculative in this area.

Remember you as the owner want ultra security and the tenant is trying to do the opposite.

The Mercury News names Stockton as former "most miserable city", now benefiting from the ultra-tight Bay Area housing demand.Of the country’s 100 largest metropolitan areas, these saw the biggest increases in home prices over the past five years: Stockton/Lodi — 91.94 percentOakland/Hayward/Berkeley — 85.71 percentLas Vegas/Henderson/Paradise — 85.21 percentSan Francisco/Redwood City/South San Francisco — 77.07 percentSeattle/Bellevue/Everett — 74.66 percentSacramento/Roseville/Arden/Arcade — 74.03 percentNorth Port/Sarasota/Bradenton, Florida — 72.5 percentRiverside/San Bernardino/Ontario — 70.82 percentCape Coral/Fort Myers, Florida — 70.1 percentWest Palm Beach/Boca Raton/Delray Beach, Florida — 69.19 percentSome markets appreciate because of good reasons like job growth and supply shortages.

. ~1,350 square feetPurchase Price: $38,900 cash (originally listed at $70,000)Rehab: $20,000 - In all likelihood, this is a high estimate, but I have remained ultra-conservative on these things since it's my first deal and I don't want to overlook anything.All-in After Rehab: $58,900I estimate that rehab will take around 2-3 months.

This problem in the real world has really resonated with us that lead an ultra stealth wealth lifestyle. 

Chapter 11: Pay Off the Mortgage - Be Ultra-fit “Good enough is the enemy of best”Baby Step Six: Pay off your mortgage Myth One: I want to keep my home mortgaged to keep the tax deductionTruth: Why pay $10,000 in interest to save $3,000 on taxes?

These numbers are ultra conservative but if you plan for the worst then anything better than that is a win.

I have no knowledge of how that works.Vacancy (10%)Repairs & Maintenance (5%)CapEx (6%)Management Fees (0%)- I’ll be learning from this property, but hope to handle management alone.Future Assumptions: Ultra ConservativeAnnual Income Growth: 1%Annual PV Growth: 1%Annual Expense Growth: 1%This results in $573 in net cash flow per month, which sounds good.