Prior to investing in anything for myself, I also set a clear expectation of a result that I require- mine was to acquire a BRRRR property, which I was able to achieve.

@Priyanka Shah Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

This shortage will last longer than most expect.

A lot of our borrowers, specifically new construction builders, in and around Austin - are having to hold properties for much longer than expected.

For a turnkey property what is a reasonable cash on cash return expectation for a property located in an "A" neighborhood? 

Make sure you have an appropriate buffer and expect to be over budget.

I'm not saying you won't find it, but I wouldn't necessarily be expecting a lot.

@John Salcedo you may already know some of this, but a reminder doesn't hurt:)Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

You gave the mouse a cookie and now she is expecting you to give her the milk too. 

General rule of thumb I have heard is that carpet in a rental is expected to last about 5 years.The real fix here is buying premium higher traffic resistant carpet, or converting to a hard flooring on your next replacement, like LVP.