Roof, Hard-surface floors, Mechanicals cost me $90 per month vs. paying cash for these items in the next 5-7 years... 

Vapor drive is where water hits a surface (sprinklers are actually a huge culprit here in addition to rain) then the warm sun comes out and pushes the water vapor into and against your sheathing. 

On the surface, these Q4 numbers support our hypothesis from the first graph that a drop in prices is a few years away.

Every surface had to be touched.

. (;-) are you sure you are not missing a Zero on the Purchase price - $145,000)$30k for cosmetic renovation on 8 units sounds low. i just did basic to reasonable standard (check my BP blog) and it costs 5k per door. no new kitchen or bathes but re surfacing and granite tops., Viynal planks hardwheres thorough, signage and light fittings, fencing etc.

I agree with @Ali Boone that IRR sounds great on the surface but it seems like a lot of speculating to me.

I'm certainly seeing the truth in the statement that 99% of deals aren't good deals, for one reason or another, even if they may seem so on the surface.  

It "appears" on the surface that we can't go wrong anywhere in the treasure valley with such massive growth.

My understanding is that with condos, you own from the wall surface to the opposite side of the room. 

He could have kept things up to date in the surface but you never know if there are foundation issues or other issues that is being covered up.