Last August a decent pre-foreclosure opportunity came available on the MLS and my agent took us to see the home and submitted two offers below asking that were too low for the seller at the time.Apparently the seller was able to avoid foreclosure and the home delisted after it didn’t sale.

Long term rental numbers are hard to get cash flow with added in reserves for maintenance, cap ex, and vacancy.

You can still achieve it, but finding deals that actually pencil out on all criteria (low enough purchase price, low enough renovation cost, cash flows on the backend, all cash out at refinance) is pretty hard.

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

When they do HML on OO, they want very low risk.  

In moderate- or low-resource areas, developers also need to hold a public meeting within 45 days to gather feedback.

Inventory seems low, and I am trying to househack my first unit.

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

These tend to attract more reliable tenants, and the properties generally require less maintenance.

Question: assuming an ideal brrrr that has all investment extracted at the refinance, why would you choose a low cost market over a high cost market?