I buy houses any condition.. and his add was in there the 10 years I was from 75 to 1985.... there is always distressed real estate.however the bay area is an anomaly..

He was an anomaly. 

First I've been overly pretty successful with all other properties I own, be it SFRs and other smaller MFRs, which I have in different markets, spread around several property management companies, so the 12 unit is somewhat of an anomaly in my overall experience.

If you find a property with a 5% cap rate, and you assume 4% appreciation on the asset (averaged over time), and you borrow 75% of the purchase price at an 8% rate (I'm using that to show it can still make sense), your compounding annualized rate of return is closer to 11% over the next 5 years.And if it appreciates at an average of 5% over the next 5 years, your annualized return jumps to 14% (the loan causes this anomaly where additional appreciation of just 1% will have that effect, which is why it is aptly called leverage).What's even more outrageous is that your tax-equivalent rate of return is going to be another few percentages higher (depending on your circumstances) because real estate is generally a very tax-friendly investment.Of course, you won't hear this from most financial advisors.

Covid was the only time I’ve seen the whole national market move together upward as fast as it did, but that was an anomaly and even then some submarkets moved upward a lot faster and higher than others. 2008-2010 GFC was of course a general downtrend but some markets held their value while others crashed 50%. 

The low rates we had the last decade or more were an anomaly.

I booked 199 days last year but that was what I would consider an anomaly.  

I don't have anything else to compare this type of analysis to but my gut says this is a good healthy market devoid of any systemic anomalies.

I mean, I have on occasion told the seller and seller's agent the gla I calculated, if there was some anomaly or something, but that's about it.I see a couple issues though:1) proving/documenting that the Appraiser did indeed violate confidentiality.

If you take out the one 100-day anomaly in my data, our buyers close in an average of 28.8 days, and like I said, almost all are FHA.