As you scale up more locations, staffing scales not just per location but also via that middle management which declines bottom line net so have to scale more to offset. 

But if you hold that thing for 10 years I don't see how your life is not completely different and people don't think your a genius for buying a middle of the road househack now.

The problem is that the number of middle income seniors, aged 75+ years old will increase from 8 million to 14 million in 5 years (by 2029).

In the fast growing and large cities cap rates still get like you see on the west and east coast.

Horse stable in the middle of LA, 20 acres 1/2 swamp next to major airport in Florida, church with 6 acres in the middle of town, contact bank Trust departments and let them know you want to buy.  

They came in the middle of the night and robbed the place.

I live in the foothills of California about 2 hours due east of the Bay Area.  

It is still a great time to invest in Middle TN.

is it in the middle of nowhere? 

More likely that the document is correct, and the change to 12% was made recently. 12% seems to be middle of the road but still pretty decent, yet generally Baltimore city RE is a bit more risky than rest of MD .Lonnie Pickard