Up north, you may have to deal with freezing pipes if your unit is vacant.Obviously you don't want to buy where there are hurricanes.Markets I've heard of others investing in are OKC and JAX.Also, you want a landlord friendly state. 

Well you better get the heloc while you still have the equity and use it carefully otherwise in the downturn when they want their money back they’ll freeze or reduce your line. 

Plumbing: I would plumb the units with Pex supply lines because they are much more likely not to burst if they freeze.

If a landlord has freezing issues they should be taking action to prevent the possibility of freezing not relying on tenants.

(None of their property was damaged and the freeze was not due to tenant negligence). 

The wholesalers bank account got a freeze the day we found out.

If the answer is yes, then in how many years do you think cap rates will freeze even though our Delta will stay the same?

Florida I know, no issues with freezing pipes, snow, roof and as long as I have insurance, hurricanes are not a big issue.

So will see. but if I got an offer on it once I have owned it a year or two so I could get cap gain or 1031 I would entertain that  other wise just see how it goes.Its in Eugene Oregon so pretty big metro area. with lots of people and this is I am sure the least expensive place in the entire region to live short of moving back in with momy and daddy  I had a park that wasn't individually metered, we made boxes for the meters to fit under the homes so that they wouldn't freeze and made each one seperate, also had to put curb stops outside the skirting so the city could shut off water without my assistance.  

If you use PEX (which I suggest because it will not busy when it freezes) then after your valve just sleeve it through the concrete and go to your next available "good" threaded fitting and connect it.