Hopefully, it gives a basic indication of where the local market is headed and is a jumping off point for deeper investigation.One note on vacancy rate.

I'm hoping that there are others who read this post that may wish to delve further into the world of sophisticated Financial calculations and open their minds to recognize other opportunities.Investor Llew

Finance is not a real estate matter, it's just the collateral and while you need to know about your collateral, finance gets much deeper than RE.Much of what you need has already been addressed in the forums, read the notes section, careful who you get your education from!

You need to dig deeper to see how they came up with the 27000 expenses and what is missing.

There is some of that going on, businesses moving that is, and as Illinois sinks deeper into the quagmire of high taxes and mismanagement, Wisconsin looks better and better (though Wisconsin can't seem to make up it's mind either when it comes to that stuff).

Although I am looking deeper. 

This is a deeper conversation, but I don't think this can be defined as a bubble, since there is no asset connected with the lending (like there were houses in 2007, dot come stocks in 1997 or tulips in 1637).The second concerning factor is the demographic decline in traditional college-age students over the next 10 years.

I've lurked around Bigger Pockets (lol) but never really delved into interacting.  

I highly suggest you dig deeper to determine the cause and extent of the structural work required...this can turn a potential good deal into a total nightmare.That said, Orinda is a solid market.

Where would you all dig deeper?