I agree.. just look at any large mid west or rust belt metro.. there is a ton of houses avaliable the question though will folks buy in certain neighborhoods where inventory is readily avaliable you can buy existing in many of these markets for far less than new builds.. so to me its really a neighborhood issue  a school issue a crime issue etc etc..

Malls are uniquely designed so hard to use the existing structure for something else. 

Hi Anthony-You asked about the best ways to find off-market deals for your in-laws to buy and move into and you are focussed on the Santa Barbara, CA area which I have been to and it is gorgeous.It kind of reminds me of an Ann Arbor on the ocean. :)Anyway, I like your strategy of driving and looking for houses in need of repair and sending handwritten letters and contacting rentals for the reasons you gave.

You can arguably make it work in any market.

Do you have a team built in any other markets?

I’m looking to invest out of my home state, Texas, and have narrowed it down to 3 markets.

Plus financing in another market.  

Most times when evaluating a DSCR mortgage, market rent will come into play.

There are many markets that this will work great. 

Do your research, pick a market from research results not opinions.