Math becomes a problem in that Fannie/Freddie only want to see you have a 43% (in reality a bit higher...but let's use 43% for this illustration).

I created a couple of charts/matrices to illustrate the affect that rapid rise in interest rates had on monthly payments, which in turn affects affordability.

Please allow me to illustrate: If you do not buy now, and you wait out the market, your capital is losing purchasing power due to inflation.

And another guy asked a prospect if he could take the 30ish yellow letters he'd recently received via mail (apparently he was on a 'list') and then realized that everyone was sending the SAME letters as everyone else, using redundant tactics that converted well several years prior (i.e. far more new REIs, sending the REI marketing guru's generic correspondences, that was no longer converting more than .5- 1.5% vs. 5- 15% prior...) so this illustrates that using the same tactics indefinitely (in a now overcrowded market, with list sellers selling the same leads to many...) is now next to USELESS... unless you are able to invest say $25k.- $50k. per month, to get a couple of deals averaging 2- 3x+ your time and monetary investment.

Purchase and rehab might be a better outcome than full blow development.I think the point of the Oliver piece was to illustrate how predatory the entire process of buying mobile homes, to getting loans, to renting the land has been for the poor folks that bought into these places.It’s sad and there are not many good solutions unless the residents can afford to form an entity and purchase the land for themselves.

I agree with the points you are making and they correlate well with the points I have been making.The article you posted has the best proof I’ve seen so let me pull out all the numbers to illustrate the points you made and that I have been making.http://www.crainsdetroit.com/article/20150615/NEWS/150619910/realcomp-median-home-sale-prices-rose-15-2-percent-year-over-year-inOne Year June 2014 to May 2015 gains in Median Sales PriceWayne County (Mostly Detroit) 43.1% from $80,000 to $114,500 Macomb County 9.6% from $123,000 to $134,825Livingston County8.6% from $197,950 to $215,000Oakland County5.9% from $193,600 to $$205,000

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350Insurance = $100Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250Insurance = $100Association Dues = $25Total PITIA = $1875Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR loans are generally for investors who are looking to keep building their net worth and are looking for underwriters who are more investor friendly. 

It is a rental area, hard to get to , hard to find and in general not an area that we invest and as your case illustrates, not an area we want to manage.So let's be real clear here.

And maybe my example is flawed, yes PMI needs to be factored in, etc, I'm just trying to illustrate the point that cash flow calculations completely ignore equity, and I think that's flawed. 

(This was determined by running hypothetical scenarios through Worksheet 3 of IRS Publication 523 (2021) and is for illustrative purposes only.)