B class neighborhoods are a little pricey for my taste in Apartment Complexes and more difficult to find value plays, David Lindahl Style for my business model.  

In my world my investors prefer to ONLY do performing notes.. return is consistent and more conservative and only in a really bad situation will you have a default.. in NPN your already buying something in default and the job is to get it to perform and end up owning the asset.. for bigger funds or bigger investors this is fine because you will no doubt have a bummer somewhere along the line and you can income average so to speak.. but if by chance your first NPN ends up a bummer then you have a bad taste right out of the gate and this does happen to one off investors.  

The contents under the stones all taste the same to the worms.

But now that I've had a taste of the sunshine there's no going back.

Individual taste must also be taken into account. 

I found the area way too plastic and prefab for my tastes so I moved to the bucolic and pristine PNW.  15 years on we are now experiencing much of the same thing in Portland as you well know, so I just recently bought a house an hour outside of Portland which I feel is right on the path of string appreciation and temporarily allows me to escape the displaced Bay Area invaders 

It's too risky for my taste.

Lighten up people..... its a little fun......sure I'm not going to win....but its tiny $$ to play out a fantasy..... a dream....I wonder how many posting on here drop $5-8  on Starbucks every day...for something that tastes good for a few minutes, then you piss it out in an hour..... and you can make it at home cheaper.

We did finally get the building permit and we built a 7,500 sq ft house that we designed ourselves to quench our thirst for space.That was our first taste of real estate and it turned out to be a great experience because we didn't give up.A few years later, after I sold the house cleaning business, I tried my hand at wholesaling and then later various other strategies with my sister who is now my partner in our online comps service.

Regular coffee, particularly fresh-ground, tastes so much better!