By 2008 the city was getting more dangerous, break ins now, drive by shooting every day, little children being killed while watching cartoons in their homes, and we were now facing 18 vacancies a year.  

We have bought fewer "higher income houses" but in areas where they exceed appreciation.

.- Less dangerous job.I will be walking away from my 250k year job in June of 2015 to follow my dream. 

But to me vacancies is not the hidden dangers, its the emergency repairs, for example i just had a leak that is destroying my tenants dry wall and causing danger because it is leaking into the unit near an outlet.

It's too big, and too dangerous, to not have some cash backing you.

Beginning with its second taxable year, a REIT must meet two ownership tests: it must have at least 100 different shareholders (the "100 Shareholder Test"), and 5 or fewer individuals cannot own more than 50% of the value of the REIT's stock during the last half of its taxable year (the "5/50 Test")"

I know only to look at completed sales for pricing, not predictive pricing or offered prices.My goal right now is to find out all I can so when I do dive in, there are fewer surprises (I'd be a fool to expect none, of course!).

The herd eventually eats all the grass on one side of the pasture only to run to other other where there are fewer and more grass.

even if you don't get higher rents for the additional spend on granite and real wood cabinets, you will have fewer problems and units that will look nice for years to come.   

If you deal with a less savory character then that is another story.You also know not to put yourself in dangerous situations.