Auto dealership owners were among the wealthiest because of protected monopoly status in their communities. 

I may be among the minority but i don’t think occupancy rates are a standard alone metric. 100% occupancy at average nightly rates < 65% occupancy at premium rates IMO. 

The reason why is that in this area there is a lot of competition among the multifamily properties, thus, not making them cashflow efficient.

This is a very common strategy among the investors that I speak with.

VTSAX is a favorite among the FI community, and it will produce impressive results for you.

That’s a broad umbrella that covers everything from mega institutions to individuals buying vacation homes, but BlackRock, JPMorgan Chase and Goldman Sachs were among the big-name buyers.Institutional investors still own only about 2% of all single-family rentals in the United States, or roughly 300,000 homes, according to John Burns research director Rick PalaciosThe same trend is occurring in England, where American companies are likewise purchasing residential real estate:Institutions poured a record £3.7 billion ($5 billion) into the UK build-to-rent sector in 2020, almost a third of which came from first-time investors, according to real estate consultants Knight Frank.

The industry is already ruthlessly competitive among the many small builders and renovators.

Data from the 2020 Census released August 12 shows Austin now ranks as the 28th most populous metro area in the U.S. (2,283,371 residents).Among the country’s 50 largest metro areas, Austin notched the biggest jump in population from 2010 to 2020 (33 percent), with Houston at No. 5 (20.3 percent), Dallas-Fort Worth at No. 6 (20 percent), and San Antonio at No. 7 (19.4 percent).

Culture, profit share, technology, among the others you mentioned. 

So comparatively speaking, one could make the case that property taxes are among the lowest in the nation in CA when compared to MV.