Hi Curt,It depends on the Loan to Value, and the current rate environment.

In a market that's quickly becoming saturated differentiation is key.As Phil Knight said in Shoe Dog: "When you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is - you're participating more fully in the whole grand human drama.

While I agree people work in an employment at will 'leave and or better yourself if you desire more' environment, basic wages not subsidized by tips apparently needs to be adopted. 

The interest rate environment is very additive to this right now. 

Discomfort that improves the living condition and property (repairs/maintenance) is different from discomfort that interferes with the peaceful enjoyment of one's living environment (constantly barking dogs).

If your tenant is late in rent or not caring for the property, it is because you have created an environment where it is acceptable.

I’m looking for someone who has figured out a formula for success in that environment.

I prefer to invest locally, and the environment has changed over the last couple of years.

Now, it appears buyers have abnormally swung the other direction this summer as they became re-engaged with their former lives in what, at the time, appeared to be a post-pandemic environment.

And lets not kid ourselves this is a tough environment right now with restricted inventory etc.