But they are also ugly, noisy, and expensive to run, so it depends a lot on the class of property and what your goals for the property are in terms of repositioning.It isn't always as simple as just slapping in a central unit; Electrical panel and/or service upgrades are sometimes needed, and you need attic or crawl access for duct work and returns, as well as a place for the air handler to go (which often means giving up a closet). 

I’m all for less turnover and happy tenants that don’t have to share a wall with noisy neighbors.

When you're dealing with small multifamily, the macro economic trends effect you a lot less.

Look, just looking at where we are compared to the historical averages suggests that interest rates could double fairly easily.At the end of the day, central banks have shown the willingness to print money to keep us form entering into a deflationary period, I don't see any reason to think that would end.I don't necessarily think inflation returns tomorrow, but if you are a buy and hold investor with long term loans, you have an excellent long term hedge against inflation.I saw a post a day or two ago talking about 'the market', the gist of it is that all markets are local and that only academics care about the macro markets. 

I have an MBA, a wealth of experience in mortgage finance at a macro level, a broad knowledge of the inner workings of the foreclosure process and REO management and I want to leverage all of those things and develop my own portfolio.

Over the years, I have 1) invested heavily in education (underwriting, financing, market analysis, asset management, identifying macro/micro trends per market, etc), and 2) developed strong relationships with a network of accredited investors who are interested in diversifying and jumping into the multifamily space.

Broken appliances, missing basics like a cork screw, no artwork on the walls and cold, ratty furniture that was clearly second-hand, noisy neighbors, and more.

This is more of a high-level/macro view and I’m trying to gain insight to how others view the quality vs quantity conundrum. 

They were noisy and allowed their small children to run around loudly at all hours of the night (dad worked and odd shift so the kids were up at night a lot)... they were in an upstairs unit of a duplex.

During that time, I've found no compelling macro thesis for putting my investors' (and my) money at risk catching this falling knife.