There are then parts of Olathe, Shawnee, Merriam that are C+ or B-.

Here, a 2br apt can be 700 ft in a 140 year old walkup rowhouse with no washer, DW, A/C or parking, or a 1500 ft unit in a brand new hi rise dripping with amenities. 

Appreciation may save the day, but you don't want to bet on that. 

This is likely going to be a 2 bedroom bungalow in a C- or D area.

When banks appraise development deals there are always plan A B C or values for each.. 

They tend to attract more transient tenants if this is in a C or D class area.

@Justin Eaton - Don't bail on @Dave Van Horn's Mid Atlantic Sumit and there will be ton of investors there who's brains you can pick on transitioning to MF syndication :-P ... then again I'm also bias to see our South Jersey crew well represented at the event!

You can bet on her suing you for not properly disclosing the investment risks and because she’s not an accredited investor the SEC will get involved. 

I can't tell if the neighborhood is class C or war zone, so I'm planning to get boots on the ground in the neighborhood next week

I have read that investors shouldn't bet on appreciation, focus on cash flow, then any appreciation is a bonus.