The area seems to be a stable economy that is supported by the Air Force Base  that is near by as well as some industrial type companies.  

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

The area seems to be a stable economy that is supported by the Air Force Base that is near by as well as some industrial type companies.

Tim,Kansas City is a great place for cash flowing assets...very stable market and an extremely high demand for quality rentals....Tim.

Anything good is flying off the shelf within days, many multiple offer situations.

County has declining population so this is kind of a niche but stable market.

They are stable, above average in price, but still accessible.I'm interested in how this works out for you!

In any case, hopefully a stable neighborhood will keep up with inflation and the value of the home will continue to rise as the debt on the property continues to decrease. 

* which areas in Tampa offer stable rental income?

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