Also, tertiary markets that aren't as highly competitive often offer better deals.Even with cap rates currently compressed, rents locally are going nowhere but up.  

Hi Eugene,NNN single tenant has compressed some and small strips definitely have some yield plays currently.What kind of cap are you trying to hit now going in?

That said, cap rates are extremely compressed and getting a 10 cap in this market is difficult to find at best, keeping in mind this conversation was in 2013. 

CAP rates are getting compressed in Indianapolis due to hedge fund activity just as they are in many markets, however, they are still quite strong.

When I do the toilet, I'm also going to replace the sink/ toilet shutoff valves with new quarter turn ball valves as referenced in [url]http://www.biggerpockets.com/forums/67/topics/73472-replace-those-compression-valves-with-1-4-turn-angle-valves-Eric

Ideally you want it going down or compressing, that would mean that values and rents are rising.

If you make that assumption for your bid range and it isn’t true, you expose yourself to compressed returns.I used conventional financing, and got multiple loan bids.

But I think you see why buying that little probably wouldn't result in a tax saving so no motivation for 1031.Buying 4 properties in the compressed time frames can seem daunting. 

Today, cap rates (Return on 100% investment equivalent rates) are being compressed to below 6% (I've seen some negative cap rates), and at that level, good corporate paper is getting to be a better deal.

I'm with you, when I was a plumber I swore by copper - I put it in my own house - but back in about 04/05 when copper started going through the roof we had to start giving PEX a try and I have been convinced based on hundreds of service lines with compression fittings, some in places where we are running 200+ psi at the street.