@Michael HoustonSo cap rates are for commercial properties so they have no use in 1-4 unit values.

I would be willing to do some value add component/renovations.

However, the suitability of buying and renting out a single-family home in Richmond can depend on various factors, such as market trends, rental demand, and property values (similar case with all markets, really.)Chatting with a local agent in the area can provide very helpful insights into the market, data, and specific neighborhoods.

House gets foreclosed on when a borrower is not paying its debt obligations - typically its mortgage.buying foreclosures is not for the faint of heart as you have no idea of the interior of these properties lastly while it can be beneficial also realize if there are a lot in an area those homes are the new comps when trying to sell so it lowers home values in an area 

I value my health and try to get 7-8 hours of sleep.

Older properties can be picked up for < 50% of ARV and go up in value in rapid ways with urban renewal efforts … I’ve seen this happen time and time again and so it’s worth saying, diversification is ideal.

The biggest thing to me is buying in quality areas that will increase in value over time.

It's never a bad time to buy if you can purchase below market value.

@Bryan ChristopherIgnore them it’s an 8 year old fridge with a replacement value of $200.

Cash flow is crucial, especially if you depend on it for your monthly income.Selling the property for $170k, which is above its market value of $120k, might seem like a good deal initially.