In my experience, so long as you are open minded and flexible to select a strategy that makes sense for the market rather than being dogmatic in close minded thinking that there is only one "right way" to make profit in REI, then these advantages to being local tend to trump any perceived or actual advantages of going out of state.

That way, you'll still be moving forward, and the lower personal ROI is more accurately perceived as either tuition or ****-hit-the-fan insurance. 

If you want to PM me with detailed numbers I would help you analyze them quick and give you a run down of my perceived pros/cons.

He really wants to be like his brother, Guru George and like him, will defend bad advice as he perceives his business at risk if he doesn't stick to his opinions, regardless of how it may effect others.Then there is the Predatory Pete clan, investing is some twisted plan to grab any dollar they can without any concern for the ones they deal with or in advancing their position.

Agent may sense improvement in market and lack of Inventory in the area, and Seller and Agent may agree to Price House # 4 above the range at $260,000, thus expanding the perceived range.Hope this helps. 

So some major differences there.Some agents will say that a VA and FHA loan will not get accepted as they perceive the appraisals to be much harder on the condition of the home.

This question might determine what you perceive about that Rep's industry knowledge, but...If they still get the job done, and it is in a reasonable time.....The job and funding is complete. 

Regarding flipping it, your market will tell you how it is perceived,  in the northwoods of WI (where i own 3 of them) there is a slight diminished value around 10% compared to site built, but not always. in the Fond du Lac market where I worked from 2006-2015 there was little to no stigma attached to modular homes, I have flipped and sold several over the years.  

Another way to look at Cap Rate is as a signal of perceived market risk of the underlying asset.

Perceived unattractive scenario: * $254k reverse mortgage* $125k extensive rehab costs* $330k ARVPerceived attractive scenario:* $500 per month master lease with a 5 year option to purchase for $254k* 25k limited rehab costs with potential to rent for $1400 per month