On a 5 block walk to get to Chase Field, there was exactly ONE possibly 'homeless person' and he was playing the guitar for everyone. 

@Robert Quiroz I think all of the factors you have listed might contribute.So I’m not going to comment on that but I am going to comment on an assumption you made.If 85% of rents are below market on deals you underwrite then those contract rents are probably THE market rent.You can’t just go based upon area median income to rent ratio.First off urban areas are oftentimes street by street, block by block.

Lot of the issue stems from pillars / blocks that sit on top of the soil in the crawl.

Just north of town 10 blocks they built about 100 mini houses about 300 square feet.  

I like the idea of STR as it seems like it can generate significantly more income than LTR and would allow me to block out dates if I have friends or family come visit.

I removed the chimney and added modern HVAC, making it the only house on the block with it, significantly enhancing its value.

I removed the chimney and added modern HVAC, making it the only house on the block with it, significantly enhancing its value.

Not sure how they could block a sale but I imagine they told him the central heating unit for the whole complex would soon need replacement so a special assessment would be upcoming.  

I removed the chimney entirely and installed a full HVAC system, making it the only house on the block with modern heating and cooling.

I managed a low end apartment block for several years.