I would characterize this as a "slow flip".

I would not characterize it as safe blue collar. 

You're not getting that in cash flow most places.)You can tell my bias from the above characterizations, but it's just a matter of your goals and what feels comfortable -- somewhat certain cash flow or somewhat certain appreciation.Now, we haven't even mentioned doing a rent-by-the-room model (like house hacking without you staying there).

To answer the question even more, we need to characterize good MF Syndication which for me at least:- their actual number in the past is better than their projected proforma- their skin of the game is high- good waterfall- high IRR and twice of the return of investment can be achieved within 4 years when the average is 6 years.What's lacking actually we don't have MF Syndication Portfolio Ranking/Analyzer compare to its peers (I've seen one but only from one sponsor). 

But, the problem in my head is that I can think of multiple ways to characterize my investment in it, and I'm not sure which way is correct. 

use the main paragraph of your post here without any characterization.

Looking at it from this perspective allows us to simplify the problem by characterizing our hypotheses in the language that serves as the basic building blocks of how our markets come together to set prices.

@Nathan Strine  Not sure i would agree with your characterization of York. 

The intent of the RM-1 Zone is to create, maintain, and enhance residential areas characterized by a mix of single family homes and duplexes, and neighborhood businesses where appropriate.Thank you

Flipping very quickly gets characterized as dealer income by the IRS, but rental income gets very favorable treatment.