Other investors, say insurance companies that need to place cash and need to do it safely, are happy with a 3% cap rate if they think it's stable and the asset is a safe one that is unlikely to lose value.The real issue is when cap rates are unusually low on assets that don't historically support those cap rates (like 5-6% on C property in suburban markets), because as soon as interest rates rise for good, those cap rates will rise accordingly, and you will have lost a lot of value that will take years to recover on an rent growth/NOI growth basis at higher cap rates.One thing to note, as @Kurt Bender mention is Debt Coverage Ratio (DCR) or Debt Service Coverage Ratio (DSCR).  

The lack of competition - thank you very much - is a major reason it can be unusually profitable for those that understand this little niche.

It's pretty certain that the future is uncertain.

Boulder county has had far less fracking than Weld county historically (Erie spans both counties), so you might look as far into Boulder County as possible but the future is uncertain because the moratorium was recently lifted in Boulder County. 2 people were killed last year in nearby Firestone when a new house exploded because it was built close to an improperly capped flow line, and these flow lines are not mapped, so it’s definitely an issue to be concerned with. http://www.timescall.com/carbon-valley-news/ci_30959619/firestone-explosion-started-by-gas-from-cut-flow

It is after sifting through reams of uncertain securities laws and understanding how these influence the various business models.  

You don't get to be choosy when you're a newbie investor in NYC during a seller's market (unless you have millions to work with).There are a lot of ways to research foreclosure auctions, but I'll just focus on the one unusual factor that mattered. 

I ask to speak to someone that actually does PM and they treat it as an unusual request

As much as you'd like to push something unplessant or difficult onto someone else (for a fee) today, July 2021, are very very unusual, difficult times for service orgs. 

Nothing looked unusual or concerning.

It has been cold here in Michigan, but I have had an unusually small amount of inquires on this house.