:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

However, events like Easter contribute to keeping April among the best months of the year.May - Positioned as a mid-season month, May historically faces challenges as students have exams, and parents are saving for summer vacations.

While initial cashflow might be difficult without a ton of value add through updating and/or adding ADUs, long term cashflow is incredible here due to historic rental appreciation. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Mary's High School and in a opportunity zone as well as historic district.

In addition, historically cash flow is not the profit source in San Diego.

So no, I do not think this temporary "weird" market where rates have moved back to historically normal levels, and demand has remained at relatively high levels is going to change valuation methods that have been in place for many decades.

They probably want those old homes to remain as-is for pseudo historical purposes.If it can be a duplex, calculate the cost to see if it is worth it.

It's neat from a historic view, but a headache from an investor view. 

If you use some "historical" 10% for the market, then I don't think you will run out.Meanwhile, for RE you assume a 6.5% cap rate --- maybe thats just a concession from the tax ?