@Andy Sabisch, Adam hits on it, but also implies that you are even competing with someone that does any underwriting, let alone somewhat sophisticated underwriting.Look at these forums alone, then look at YouTube, all the gurus out there, etc talking about how the only way to get rich is through real estate, and how easy real estate is, etc.  

Owning real estate in Europe sounds cool/sexy/sophisticated, but it’s generally more trouble than it’s worth.

"Sophisticated investors get 12% at least...

Great and informative information by sophisticated people.

A more sophisticated seller may require a personal guarantee if you are buying in an LLC. 

(that is not to mean that investors dont do that, they do, but perception can mean the difference between a yes or a no.)and there are many more pros. 

A large number of foreclosures hurt your resale value as it hinders perception and may affect appraisal value.  

Value adds, rent by room, STR/MTR, lease to own, owner financing are just some of the options available to new investorsFor those with  more experience there is off market purchases, subject to, more sophisticated value adds, CRE, syndications, etc. 

Buyer perception illustrated with prices paid.

Public opinion weighs heavely on micro politicians,As for the perception of such a project lowering adjacent property values, I think the proof of such is unfounded without basis.