Just look at Friday traffic heading north out of Massachusetts. 

Looking at redfin history the prices have been going up rapidly 10-15%+ a year as well as rents up 50% from a few years ago.

uhm, your PMC either is in over their head or trying to take advantage of you.Also, just because a PMC gives you a bid on something, doesn't mean it has to be done!

The chance to buy a value-add investment in a rapidly appreciating neighborhood.

That said, long-term the appreciation you get in the Puget Sound region is superior to many other markets, so assuming you find an excellent property management company that is able to screen tenants and only put in very well qualified, vetted occupants and you experience limited issues over the holding period, you'd likely come out ahead retaining the Mill Creek property if your financially able to do so and still buy wherever you are headed out of state.

If you are going at this thinking you are going in bidding and winning above it, you are going to be disappointed.Another Question:Do you think interest rates trending or heading back down is good or bad for non performing note investors?

In my previous post under a similar heading I talked about my main learnings from a land deal that I'm working to close.

If you have to ask question #2, you are in over your head in getting into a syndication. 

Can someone help me wrap my head around this with real numbers? 

@Ashley Gamble@Steve K. hit it on the head.