OTOH if you're considering buying a note, you can use PV to calculate what you're willing to pay to give you a specific return.Now, I've seen all sorts of speculate calculations put together on investment properties, and investments in general, that compute all sort of numbers that get given all sorts of names.

I can only speculate because I don't recommend it and I don't do it.

I had just closed on my first flip, and it instantly showed me long term holding of RE is the only way to make it today if you want to be a true investor and not a  "Rank Speculator".  

The problem with multifamily right now is that it has passed out of the investing realm and into the speculating realm in many cases.

Beltline areas are more speculative in nature.There are good deals that come available.

I’m not a speculator.  

But, there is a good amount of speculation going on.

I think the tech bubble prior to 2000 was based on pure speculation.

I don't see the cash being taxed everywhere matching the appreciation --- which is a gamble, but real estate investing is speculation, or at least has been since colonial days in this country/region. 

----Regarding out of state, when looking at for future projection, a higher-than-normal multifamily cap rate return such as 9% in out of state , within 5 year return CAN outpace max-7% return appreciation of bay area home (which has 3%-4% cap rate).When we're buying investment property there're two things that we actually buying:1. we're buying today's the cap rate2. we're speculating future cap rateWhich means between point A to B , we're hoping there's accelaration of cap rate declining when selling.