I have worked my entire career in construction and last 2 years performing entitlements, permitting, and construction for industrial developments along the Wasatch.

Tough to stay disciplined as "Past performance is no guarantee of future results". 

Do you have a rent roll for at least the last 2 years, so you can see how it has performing?

There is a potential scenario where an outside rescue fund (marketed as preferred equity to new investors) could come into play in many of the projects that appear to be performing especially if they have been paying the pref (via a reserve account stockpiled by over raising funds in the beginning).

I can probably point to a 2-4 unit that performed better than a single family, and I can point to a my own single families that performed better than my duplex.  

It seems like Wagner is just a broker and the issue is with the builder who isn't performing? 

If a seller listed a home for $100,000 but was willng to sell for $94,000 as that was likely the FMV, it would be the same to him if he accepted $100,000 with a 6% seller credit or $94,000.I looked at the zip codes of lower priced homes in Memphis, Cleveland and Indianapolis and they appeared to perform betterMemphis38105 - Prices were $35,700 in 2016 and now $116,000(220%)38106 - Prices were $21,600 in 2016 and now $60,900(180%)Cleveland44108 - Prices were $34,000 in 2016 and now $59,800(74%)44104 - Prices were $36,300 in 2016 and now $60,400(66%)Indianapolis46201 - Prices were $42,900 in 2016 and now $149,000(247%)46222 - Prices were $39,000 in 2016 and now $127,000(225%)I should mention that I don't invest in Memphis, Cleveland or Indianapolis.

Number makes sense on paper but let's see how we perform at the beginning of next year. 

We keep "kiddie" as we say backhome which is a pot of money set aside for rainy day fund in case we need to replace appliances, perform repairs or other capital improvements. 

Based on the user research we've seen most use cash flow as a proxy for performance.