Re-financing is just the method used to unlock some of the appreciation in value.You are right that we can only calculate IRR when an investment has been liquidated.

I feel like there must be a company that makes an app or technology for smart phones where someone (like UPS or FedEx) can call you and you can unlock an entry door from a distance.Much thanks!

Had a realtor leave my door wide open (not unlocked but WIDE OPEN) for 2 days.

It is another $10 each time you unlock it.

The plan is trying to unlock value when investing in Cali and strategizing to capture equity appreciation in the next 10 years-and maybe higher rents (increasing NOI).

If you get an unlocked phone, like my ASUS Zenfone, you can have two sim cards.  

Any unevenness causes them to unlock.

The market is definitely stronger now (in part due to out-of-state investors) but Round Rock can be tricky.I'm originally from the Chicago area where you can count on 6% appreciation per year like clockwork since WWII but I'm finding Texas is a whole different animal with negative appreciation mixed in with weak and strong years depending on the most recent oil bust or dot.com bust.The last few years have seen a lot of zero down entry level homes being sold with ARMs that are about to unlock after the inital 3-5 year period.

I agree with your analysis except the 10% cap rate, this property fully leased would deserve closer to a 7% cap rate given it's location (median incomes are around the $100k mark) - so accordingly, it should be worth around $222k purely as an investment but as I stated the value of this property to an owner occupant is $330k with some cosmetic improvements.The taxes are definitely a problem but that is where unlocking the value comes in.

You know if you unlock those funds you could buy a 2m dollar apartment building don't you?