Thats a lot of work that a company would have to do and they would want their money back on the development costs.

After awhile you develop a keen nose for ******** and you're the real deal 👍

Quote from @Jaycee Greene: Quote from @Jamie Parker: @David Mares The short answer is to build and develop the area.

I looked into this at more than one occasion, because Milwaukee has such an old housing stock, everything is 60-120 years old.Most of the new apartments we see are 4 and 5 star developments with very high rents, this allows to offset the high cost of construction a little better.

Plus, you get huge appreciation here based on how many companies are moving and developing here! 

I'm trying to understand how they collect data so as to develop the best comping practices.

If you know the 2 bedroom median rent in the area, population trends and the last time rent was raised that's helpful too

Finally, The rent control discourages further development, limiting supply which results in higher rents.So rents go up, but the rent control advocates are too uneducated on the economics of the rent control policy to see their role in the rent increase.Another consequence of rent control is no value in keeping the property as nice.

Population growth is low, so the long term outlook is unclear. 

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck.