Rehab costs are part of the equation.  

Please keep in mind that I am no expert and still very much new to real estate investing but I feel like the appreciation you've seen on your properties and the rent growth need to be factored in to the equation.

Let's assume friends and family are out of the equation.

@Randy Johnston   you may want to check out the new laws in Oregon about wholesaling.Randy I just did my CE and the state has now defined equatable interest as needing a re licenseIE if your trading in equatable interest  then you need a license there was a whole module on it.probably need to call the hot line on that one..  

Do your homework well.Gentrification....do not make the mistake of equating gentrification with safe environments.

If you hold forever, and your equation always cash flows positive, you're never underwater.

A turnkey provider basically removes the renovation portion of the equation right?

The other thing is what @Joe Villeneuve mentioned above: how can you parlay living costs into the equation so that a deal makes sense?

I equate that to the access of information like Brian was talking about.. in my day the information had to be dug up.. now its on line for everyone and their brother and I would suspect in your market ton's of foreign dough on top of it.

FAIR speaks of an emotional equation.