My observation is that SFM owner/manager in our area tend to keep the 1st term so that lease ends in Summer (June-August).

Is the cash flow, or lack of, worth the realistic likelihood that San Diego property is going to continue to appreciate at the levels observed over the last decades?  

I concur with Kyle in many of his statements of observation, as I have seen the same in the greater Burlington area.

All that said,  I'm speaking from observation and questions I've asked to authorities,  I've yet to have a voucher applicant even apply after I discussed qualification standards with them;   and nowadays my PM handles it all.You might want to go straight to the horses mouth and ask https://www.kcha.org/ on this, since getting it wrong may open you to a discrimination (on source of income) claim.   

Of course there are cycles but it's nearly impossible to predict or observe them prior to their taking place.

Careful about discouraging others here, based on your feelings and observations.

But to share another perspective, I've seen anything 'of significant value' that does actually go to auction in WA - especially with a structure- of any type- go for (honestly) quite close to the mls/fair market price, and some- (when the full range of issues/challenges & unknowns about structure/condition were taken into account)- likely went for more via county auction..This is just my personal observation bookmarking, watching auctions, and doing significant title/etc research with the intent to bid/buy in some cases- across western WA (Specifically the last 3-5 years).

@Hector Espinosa: You are an observant fellow.

I recommend that you start by identifying a strategy you wish to pursue, choose a market that aligns with it, and establish your Core 4.The main challenge I observed is that individuals often lack a clear end goal or strategy, or they select a market that doesn't align with it.

This is an excellent observation and I agree.