And then I research mahagony and learn that people pay more for mahagony than something built out of good ol southern yellow pine, or oak.The school of hard knocks has taught me that 3 bedrooms and 1 bath is somewhat functionally obsolete for resale, but seems everyone else already knew that.

Either priced too high, or it is functionally obsolete in some way.

One could be newly renovated, but not performing due to bad management, the other could be loaded with deferred maintenance and teetering on obsolete, but the owner is milking every last ounce of return out of it .... the CAP rate will not discern.  

You become responsible for it if it fails, your stuff will take wear and tear and then become obsolete.

This place was an old hotel from 1900 that became obsolete and continued on as a rooming house.

@Kathy Bayer we are all here to learn. once we stop learning we become obsolete so I'm here to pick up everything i can on BP. and also share whatever i can throughout this experiance. much luck to you Kat i the trip state area. stay in contact. 

Programs that teach tactics are usually obsolete by the time the program comes out.

I thought about if for a minute and remembered all of the straw purchases I have witnessed and all of the inner city people smelling of alcohol and drugs buying "hollow points" in a caliber they did not know because they bought the gun loaded (usually some obsolete round like .32 ACP or something strange like .327 magnum).

I also have hired a full time transaction coordinator who makes a base salary and a bonus on every closing - his job is to make me obsolete for most of the time after AO - best thing I ever did!

Others hadn't been on the market in years, so clearly the information was beyond obsolete.