Purchase price: $31,000,000 Cash invested: $8,150,000 240 Unit, Class A-, Vintage: 2006, Workforce Housing.

They can find the gems faster than anyone.

We typically don't look at any properties older than a 1975 vintage.

I learned this little gem from another experience awhile back that was much more benign.

Vancouver, WA is a true gem given the proximity to Portland, the Airport, no income taxes, access to good healthcare, and a booming downtown/waterfront of its own. 

This is almost our newest building (built in the 60s)... this vintage of building was not built as well as some of our older properties.

There are many gems in that book and the underlying message of having systems and ways of evaluating them is really valuable.I would also throw in Extreme Ownership by Jocko Willinck; has to be one of the most actionable books I've ever read.

Smaller cities "vintage" areas are often not desirable. 

In any transaction, there are 3 factors that define the risk profile: Location, Vintage, and amount of Value-add.

Seems like it is really about finding that gem deal you can find that is deeply discounted - distress or rehab etc.