For example, most Developers in the Seattle area are taking many properties and turning them to condos since that is a booming market with high rental rates And sometimes more conveniently built and accommodating then a SFH.

Keep in mind that this comes with high turnover, and (often) students who will beat the hell out of the property!

here are just a few:-interest rates and prices both remain high. this has really hurt cash flow across the board.

The 10% vacancy and repairs, along with 5% capex in my opinion are pretty high. 

its highly risky for most mom and pops to sell on sub to.. and its simply not a way for those without substantial wherewithal to buy property and keep the seller safe..

Like you we had 3 teams of two door knockers  2 for safety one women one man.. and we door knocked every NOD in our 2 mil MSA  all to boil it down to if we were very lucky to get 2 to 3 deals a month.. now we were a little different I only would buy very high equity deals.. and we leased back .. because as you state 99% don't want to leave.. 

@CraigIf you have two offers with that high of down payment already you must be living right!

The indoor malls that simply offered shopping and a food court are the ones dying off.I've seen some malls be demolished and replaced with high-density single family developments. 

high priced markets like west coast pricing might be 75 to 95% of note value..

Its money well spent land development is high risk high reward.. depending on Jurisdiction.