We mix it up with performing and non performing loans and we have some performing that are short term bridge loans as my confidence in reperforming paper is low based on the re default rate risk.One last thing to touch on, there was a comment that I am one of Marco’s henchman.

Not that I don’t enjoy dealing with tenants, maintenance, lawn care, Home Depot and Lowe’s trips and tenant change overs (I recently put new carpets, kitchen floor, appliances, vanity and mirror in the bathroom and fresh paint in my upstairs unit).

We do not have a resident benefit package, and we keep our tenant fees very low.

I'll only add when talking to brokers have a "buy box" defined and research commercial deals to understand it as best you can before you have your first meeting or your broker contact will likely consider you to be a low-chance buyer and not take you seriously.

We charge 10% and we pride ourselves on quality service.

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.

The problem with averages is that a large number of high or low value properties can skew the figures either way.

Your estimate seems low, but even at that cost, it will not add that value.  

Low value markets might be Pennies on the dollar like you allude to. 

Highs in the 15s and lows will be 0 this week.