If they want to speculate on appreciation, that's fine.

You might need to bank on appreciation more than cash flow in a buy and hold strategy in most areas, though, which puts you on a speculation trajectory.

(some of that is speculation on my part but could be confirmed in the BK paperwork)The price DB wants seems a little high for New Jersey NPN and I didn't see a property value.

I've never owned in Sun Valley and only visit in the summer, so I'm only speculating that is has similar occupancy to McCall.2.

It is better to speak with people who have knowledge of something rather than rely on speculation and words from people who failed at something.

So after running the numbers, I realized that I need say 3 more properties ( with a specific cash flow).Since you mentioned that HI rents are not that high compared to property prices, maybe it's not the best area for cash flow ( I dont know) so maybe you could invest for equity. if doing so leaves you with a small negative cash flow for example then you need to make sure you have enough money saved up to your target date when you can "cash in on the appreciation". in this case if you have 100k, you can put 20% down ( assuming all other closing costs are included) on 4 properties ( not 5) and keep 20k for emergencies or helping with the small negative cash flow.it's really all speculation until you set your target, then you can ask how do I reach my goal with say 100k on hand... ( or how many properties do I need to reach this specific goal?)

Inventory is currently non-existent, quality of life is extremely high, and I speculate that COVID will drive demand for northerners moving south to a place they can be outside year round.This is only my second property purchase (first multi-family), so I just want to make sure I'm not overlooking anything.

I'm not a speculator, and that is what investing solely on appreciation is, our long-term strategy is to create a RE portfolio which can pay itself off in 12 years, which is around when we retire, so we have retirement income from RE. 

This market is very speculative right now, especially in Austin.

This is purely speculation on my part, being half-way across the country and not at all familiar with what's going on with the market in that particular neighborhood.