In most cases due to the transaction sizes, there's very little margin for these 3rd party vendors (particularly brokers, property managers and contractors).

I hold a decent-sized portfolio in Columbus and Cleveland and have seen higher appreciation in my Columbus portfolio.

Finding a reliable contractor for the rehab portion and then a good property manager once it's rented seem to be the biggest issues for those who aren't local. 

But ...The first thing I observed was the replacement cost portion of the quote, was, IMO, less than what it will actually cost to demolish the remains of the existing structure, pay for any hazardous waste removal following a catastrophic loss, and actually pay to replace the property in the event of a total loss, even though I used the quote feature to increase the replacement cost value by 20% (the maximum it would allow).

There's no one size fits all of course, but generally the STR/MTR/LTR mix in a multi-family unit can be challenging because the way renters utilize these properties is so different.

Fire hydrants, sewer, water, road access, electric, flood way or plain, storm pond, storm sewer, setbacks, fencing, soil compaction, lot sizes, etc.3.  

Same thing as Bankrate for example they use a very specific model to price those rates and scenarios like 740 Fico, 70LTV, 15 year term and the APR is never really talked about when it comes to margin and points charged.So when your fico score, LTV, loan size or DTI deviates from that very specific loan scenario then they say in all websites required by law "rates are subject to change" hint hint! 

By the time a property is formally put up for sale in a town that size the locals have know it was going to be sold and had their chance at it.

So all in all, the investment seems solid to me, and this is not my first rodeo, as they say.As for the risks associated with the SBLOC, I minimize those by only utilizing a portion of the LOC so that even if the market drops another, lets say 30%, the risk of margin call is slim.

Rancho is working class, solid neighborhoods, decent schools, and lot of first time home buyers looking for a decently sized house.