This is not a political post, but I can guarantee the first comment is, "I don't pay attention to climate when investing."

I note your comment that“during the Recession assessed values were higher than you could actually sell a property for.”

When I ask for reasons I get cost of living, quality of live, moderate climate, fresh water access, no natural disasters and moving back to where they were from.From what I can see the trend to the Midwest is steadily increasing, but by no means as big as moving south.Your comment "This is an old statistic" Maybe I'm mistaken but they haven't published 2023 - 2024 since 2024 isn't over yet, But, if you have something that covers the country for all of 2024, I'd love to see it.

I think the other commentators have it right - a HML that is willing to take an investment that is small is probably not vettable and not a smart play - however if you have ~$500k or more to put in, then the legitimate more easily vettable firms would pottentially be interested - and you would be able to see the sophisticated setup, documents, structure etc and be able to research accordingly

I don't typically comment on the numbers on properties that are outside of my Market of Chicago.

Quote from @Evan Polaski:Very thoughtful comments Evan. 

I've read people's comments on the Parkway Lofts and how the building is nice but the area is still awful.. however there's really nothing there, whereas to the east there are at least some restaurants, new Aldi supermarket, etc.  

Some comments in no particular order:- residential RE is not passive even with the use of a property manager.  

@Ariel Gonzalez, I will also note that while there is a lot of very sound advice being presented here, including my own comments, none of this is actually measurable.  

Your answer seems to counter other comments.