I am thinking areas were you can buy rentals for the price of automobiles and your % of SFR's that are rentals are astronomically higher than other areas I could see that . for instance were you guys buy and sell and own Class C rentals the amount of SFR's may be as high as 50% investor owned and maybe higher in some neighborhoods... on the West coast you would be hard pressed to find any neighborhood with more than 1 to 10% of the SFR's as rentals.

All our subs are licensed, otherwise my GL insurance would be astronomical.

I'm living in San Diego where the housing pricing are astronomical.

The HOA fees in some places are astronomical as well, make sure you factor that in.

Ian Sanderson I'm in the same boat, being 24, good income, no debt, but living in DC where home prices are astronomically high.

A property would have to have some astronomical returns to use hard money during a peak market.

The rates on the 4 unit are astronomical even compared to what the current owner is paying.  

Here in NY anyone with a pulse that doesn't want to work can get on Sec 8, but few landlords want to accept it so there's a huge demand for Sec 8 rentals and very little supply, which is why you can get astronomical cap rates.  

Would it be as astronomical as you outline?  

I had a client lookong at MFR's in November (the slowest time of year for RE) and we saw 4 or 5 of these in WH, and the condition and value (and eventual amount paid at closing) were astronomical.