There is also a shortage of affordable housing, rents are very high, but there are still many houses that are available and even more that are ripe for equity building via additions/renovations.I know my introduction is pretty long- but I've wanted to show that I have the foundation to build a successful business in a market that is uniquely positioned for the economic question marks that the next few years hold. 

As a member of the NAHB I will also remind we are still in a significant housing shortage, and the numbers are that significant easing of this is at minimum 5yrs off, if not 10 or more. 

And if they do rent control to control that, there will be a lot of properties that simply get sold as owner-occupant property and will therefore be removed from the market altogether, creating a serious housing shortage.

Then when your mortgage company gets the tax bill to pay, they'll pay it, analyze your escrow, refund the overage (or charge for a shortage), and adjust your mortgage payment going forward with the actual estimated taxes based on a real tax bill. 

There are no shortage of great places to be investing in and around Frederick/Baltimore! 

Saturation, currently there is a shortage of rentals, in a downturn one would expect this to continue as less people can afford to own.2.

I also know in this area there is a shortage of apartments to rent, as we've hired 200+ employees who have transitioned to our AZ office from out of state in the last year and they always are complaining at how hard it was to find an apartment.I think I can get the property for 100k, and will do a 20% down traditional. 

On the other hand if there is a shortage of units and good tenants are plentiful I would raise the rent $50 or so and put the tenants on a month to month.  

There are a shortage of multifamily comps in my area and the comps that were used are all 2 bedroom 1 bath two family properties.  

My area has a massive shortage of skilled labor.