Part of that is the incentives our state offers to new business, part of that is a business friendly general assembly a regulatory environment, and part of that is our low corporate income tax rate.

@Demiss ShippleyHouse hacking in expensive markets is doable, but you may need to be more flexible or more creative.I agree with @Benjamin Sulka, likely in this environment plus being in a high COL, you'll likely not be able to cashflow unless you have a SFH with many rooms that you rent out individually.

You may find in this environment you will be asked for 30%, 20 year, higher rate, which makes this deal look worse.If you pay cash....quick napkin math assuming 50% of NOI for expenses that leaves you with ~$70k which is a 3% return. 

Investing is a business and the business environment has changed from interest rates to contractors to tenants.

debt coverage is a greater obstacle...than appraisal at 75-80% LTV" - 100% agree...DSC is determining loan proceeds in this high rate environment, not LTV.

Our people are happy with the environment and diversity of opportunity there.

In markets like Memphis and others here in the southern/middle part of the country we are still able to cash flow despite the interest rate environment. 

In the current environment, a 15%-17% IRR is respectable/realistic on a value-add ~B Class deal. 

That's pretty high for an investment property in this environment.

I think we are going to start with the first one and understand more the environment and all the details.