Have you ever seen rents actually go lower (I'd assume this would only happen if occupancy dropped significantly, but that seems like something that could happen in a recession).Also a BAM specific question/concern - from what I understand they are based in Indiana, and I see in their current open offering one of the properties is in Indiana (great) but I'm wondering why the other property is in Arkansas? 

When the tenant moves out and the funds are distributed either to the tenant or the landlord for damages, then the subaccount for that specific tenant has a zero balance and that subaccount is closed. 

Here’s why I’m asking: I have an Excel model that analyzes deals for a specific region.

Your specific variable expense assumptions are wrong, BUT you stumbled into them being correct overall.Also, you are approaching this correctly - entering in the numbers to generate a purchase price that meets your metrics:)

Four properties provide diversification, greater potential for appreciation, higher aggregate depreciation deductions, and increased cash flow over time but involve more management complexity and higher leverage risk.

And if all houses have not been fully rehabbed (we do fulls on every buy), some expected number for capital expenses should be included in that (IE if you have 3 years left on your roof you need to be deducting $X from that figure, repeat ad nauseum for all major capex).

Best regards, This approach is neutral and objective, focusing strictly on the criteria, and avoids discussing any specifics about the applicant’s personal situation.

It's all about building trust and relationships, and in the long run, that will pay off way more than just trying to squezze a specific deal.

I was following this post so disappointed no one has any specific recommendation.

As for Alexandria specifically in terms of regulations don't take advice from a public forum - look up the laws yourself and make sure you understand them.