The only segment I believe we are close to supply meeting demand is the 5 star luxury department market in downtown Milwaukee.

Thank you for pointing out this distinction Tom!

Be aware that while the postage is cheap using EDDM, you don't have any segmentation.

Welcome to BP, Danielle.I used to live in Vegas as well, and continue to invest there, although I’m used to a different segment of the market.

Value investing is dead in this segment of the cycle, so no such thing as below market multi family.

Any examples from any segment of the industry would be incredibly helpful.

It might be worth considering though, that this is an affluent area of an expensive state (CA) and might be a lot harder, financially, to break in to.Area B: This is not a distinct area, but a general idea. 

She can make the distinction between: "I will manage that for you" and "I would *like* to manage that for you" (it's a BIG distinction).And the reality is similar to what @James Wise mentions, PM isn't exactly a high margin business. 

Figure out what the local market will need in the next 1-5 years and find the underserved segment.

Perhaps that was because it was under the same insurance company, a rather important distinction that should be highlighted if that was the differentiating factor.