My observation is that the greater your floor area to wall area ratio is the less expensive the apartment is to maintain and renovate. 

It's been my observation over the past 40 years that SFR's almost never cap out in the NW, anyway.

Please keep in mind that this information is based on my personal experiences, knowledge, and observations.

You are spot on with your observation that when supply is low, you will have an advantage.

I haven't seen any specifics as to the strength of the multi-family (2-4 units) market, but based on my observations of how long properties sit on the market, sales are strong there as well, especially for properties with price tags of under $500K.Similar for landlords.

Any feedback on the TK providers you met with, or general observations on Indy?

I've got a few observations / questions: WATER: $100/month for water with 4 units seems a little low.

The unwritten rule but my observed phenomena just like @?

I agree competion is fierce however I have observed over the last 2 to 3 years the true professionals rose to the occasion to take a value add property and add to it.

I've been on BP for years now, but sort of off and on and mostly an observer for the first few years.