By the way we host monthly real estate socials in Anaheim if you are interested I can send you the info. 

I've used them for my other business (I make wedding cakes) and have been nothing but happy with them. :)

I would be happy to buy a 0% cap rate building if I can turn it into a 10% cap building in a reasonable time and the icing of the cake would be the value of the building at a 4% cap for a cash out refi.In my opinion, a 25% reduction in rents will reduce NOI by even more than 25%.

@Jack Hou I know that Bigger Pockets likes to push for cash flow and tell us that appreciation is just icing on the cake.

Don't get me wrong, I am not a cake walk for realtors either.  

I think Rancho Relaxo takes the cake lol

Appreciation for me is just icing on the cake and you cannot depend on it but only wish for it to happen.  

@Oscar Miguel here in our market many small urban apartments have a shower rather than tub/shower, and they rent like hot cakes.

One would think its a cake-walk. 

It's also wise to self manage a STR or you probably won't make much cake.