I would prefer this type of detail and explanation over a few sentences or a few word response though. 

Thanks for the explanation Stone,The cost of a roof isn't the same (Due to the property most likely being much bigger/newer) and neither will be many other fixes IMO so the capex isn't the same.My belief has always been the same and that is that a cap rate is a "cap rate" no matter if the rent is $700, $1,700 or $17,000.I always underestimate income and overestimate expenses.If the numbers look good with that added buffer, then the investment might be worth pursing further.Just my opinion.Much success

Here's the graph, with explanations and assumptions below (for the personal finance geeks):REI Total Return - 3 years:Cash Flow: $25KDebt Paydown: $26KForced Appreciation: $50KMarket Appreciation: $30KTOTAL Return: $131K return divided by $215K principle = 61%SPY Modeled Return - 3 years:TOTAL Return: $38K return divided by $215K principle = 17.6%Definitions:Principle - defined as the total money left in the deal. 

I don't necessarily need them to be geographically near me in the San Francisco East Bay.

Oh, one other thing worth mentioning -- if you have a large farm area that you're looking at, considering separating the housing supply data between areas with good schools and areas with bad schools.You'll find big disparities there, and in some places, it's profitable to flip in small pockets of good schools, even if it's not profitable to flip in the larger geographic area.

The guy never even bothered to return the call to give an explanation for the no show.

neighborhoods, general appeal to Americans, the ability to pare off a single unit (you can't chop off 5 of your worse apartments), diversified geographic locations (if the neighborhood your apartment building is in tanks, you tank), etc.

You typically just attend whichever school is nearest to you geographically.

You don't owe the tenant an explanation, but I'm sure they would appreciate it!

The problem with USDA loans although they are a great option if you qualify for all the income restrictions, DTI, and Credit Score ratios, first time home buyer, but there are geographic limitations.