Expect to pay $350k+ per door and a pro-forma cap rate of 4% if you're buying in a desirable area.It's my opinion that the rent growth we've seen around here is not sustainable even with heavy migration into the state, so I wouldn't be a multi-family buyer in the Phoenix market today. 6 months from now, that might be another story...

Increased in Migration and DemandAppreciate if any experts who follow the ACRE system help me understand how to research this, or if this is not relevant anymore?

Here's an interesting analysis of potential markets for the Amazon relocation.https://medium.com/migration-issues/no-room-at-the...It looks at markets with a surplus of housing currently available, metros that have competitively priced housing, places with sufficient labor pool, plus a few other items to ultimately get to an overall grade for potential metros with Philadelphia, Washington D.C. and Chicago topping the list.

@Damien Dupee are more people like yourself migrating to Baltimore and comutting to D.C?

As we all know, the market is very hot and people are migrating to the suburbs.

Many turnkey operators tout strong rental returns, but will fail to illustrate the economic (employment, migration, infrastructure development, etc) projections necessary to make buy and hold viable in the long term.

Continue to invest in the migration trends of mild climates and low taxes (state income and property) and you will continue to make money if you buy prudently in those areas.When a recession occurs I agree that if you have access to capital you will benefit greatly if deployed correctly. 

There is a clear migration effect from the Midwest to the West and the South.

People will first start to migrate away from big cities into micro-communities near water sources and good sun-light.

Tacoma is a much improved and benefits from the migration of people priced out of King County.