We live in Colorado along the Front Range and the market is incredibly HOT.

I keep the cylinders and associated keys (in the same type of envelopes that Landlord Locks delivered them) in the 4x4 slots. 

Deal 2: single family bungalow in a very hot area for 220k.

We recently experienced this exact scenario...the landlord hadn’t raised rents in almost 30 years and the tenants had heat/hot water included!  

Furnaces/ hot water heaters appear to be pretty newer, outside condenser units are 50/50 newer/ older.Some updates to units, only 1 washing machine in all 8 units!

If it was a hot stock, you would have already liquated your position.   

Many people do end up breaking this rule in hot markets so they can aquire a place or just because they purely speculate on rising values@Beau Fannon I agree, most people I've seen posting don't take into account all expenses related to a property.

While at work, my tenant called me about 11 times today because her hot water went out. 

Rentals have been a hot market with tons of amateurs and major investors jumping on board.

Regardless in this hot real estate market I think there's practically a market for any residential rental out there.