It depends.It depends on the market, the market cycle of that market, how you find the deal, the type of debt you can put on the asset.If you're buying without a syndication, I never look at IRR, especially if my intention is to hold and refi. 

Most lenders/investors are wanting a margin of safety in investment loans given where the economy and RE cycle are at.

With the 10yr rising from 0.31% in 3/2020 to 4.55% now, and if one believes in the data from Soviet mathematician/economist Nicholai Kondratiev, the interest rates along with GDP, follow long 50-60 year cycles of Leverage Up/De-Leverage, or expansion-contractions.

Good to know when your enough is.On a second note, can do a podcast about the 18 year real estate cycle?

Several things to contribute here: 1) Private Lenders with no credit experience emerge doing down payment and 100%/High LTV financing at the end of every cycle, 2) they're among the first to loose their shirts in every downturn, 3) although someone termed this type of lending "gator", it's not new, 4) the guy that coined it didn't get into real estate untill well after the last crash, 5) he has no real credit background or experience (he's never been a lender), 6) Google the guy's name and "looses professional license in AZ" to see what pops up, and finally 7) he's really effective at telling people what they want to hear, filling their heads full of hopes and dreams, getting them to buy his training, and his minios generally won't want to hear what a real, seasoned lending vet will try to tell them.

Because on an alternate six week cycle, I mail out a different set of letters.

I think the one you've got on Parklane and the Burkburnett properties are probably fine, but over time, you might want to cycle out of the others for the most part.

It's a vicious cycle."

I could have a need for some VA work if you're interested in defining some sales cycles and practicing some cold calling.

You need to experience at least two complete market cycles to have a proper perspective.