I'd really like to see the foreclosure success rate of these stale notes, those outstanding for more than 2 years.I understand that many of these pools are simply be recycled by brokers.

Out of that $2.25M, $750k was recycled money from earlier apartment acquisitions so the gain is closer to 150%. 

A gallon of milk costs the same to everyone in the local market. 

Those markets tend to crash much harder in a downturn, but then appreciate much faster when the market turns to close the price gap a bit more, but the average appreciation (over several cycles) tends to be lower ... so, the best time to buy in these type markets is actually after a crash, but that is not to say that it can't work today so long as you put in the time and effort to find a great deal before pulling the trigger, which to me is the cardinal rule to follow in any market at any time in the RE cycle.

I would try to milk it or at least 2-3 years.

When you sell the cow, you sell her milk too.

We then recycle the lock a year or two later when another unit becomes vacant.  

How do you know what a galleon of milk costs?

Recycle - all elements from used cells.   

Big City people don't move to podunk towns in the middle of nowhere.3) Most of the jobs are in agriculture, which is seasonal, and I'd bet few people from the Bay Area know how to milk a cow, process cheese, or grow produce.