When loans were called, was it due to specific triggers like delinquencies, insurance lapses, or low-interest rate portfolio loans held by smaller banks?

Those are spray and pray techniques that don't fit with sellers right now because sellers/owners are sitting on a very low rate and don't want to move to go up 4-5 points on their rate.Listings aren't a start now thing as well.

We are not likely to see rates that low again in our lifetime.

I'm running your numbers and getting in the low 20% range.

Buffalo is a great place to invest, but understanding that neighborhoods change extremely quickly is paramount to your success.

I do my own property management to keep my expenses low. 

Common sources of such properties include:Foreclosures: Homes that have been repossessed by banks due to non-payment.Distressed Properties: Homes that are in poor condition and need a lot of work.Auctions: Properties sold at auction for below market value.Off-market Deals: Properties that aren't listed on the MLS but are available for sale through direct outreach or networking.The key is to buy a property at a price low enough to ensure that even after renovations, the home will appraise for a higher value.2.

@Samuel Kim Your wife can meet the 750-hour test for Real Estate Professional Status (REPS) by actively managing your 9 rental properties, but careful planning and documentation are essential, especially with low-maintenance new construction.

I don't see it as an issue but many still do, at least in my small town where the majority of renters are elderly people looking for low maintenance housing options.

And, many agents that I have dealt with won't do much more than ask you what neighborhoods you like and setup MLS notifications when a property with your criteria comes up.