I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

And it's not only homes, it's all the infrastructure a city needs.On the insurance issue, I think this may be the end of national carriers.

Thus, we are looking into the Johnson City-Elizabethton area or the Kingsport-Bristol area.

If not you might be stuck with the work and the commitment to doing it since the city would be the ruling party.

Still waiting on payments to start with the city of Memphis. it was supposed to be October 1st but I haven't seen anything yet.  

Absent them, risk is controllable over time.I self manage a SFH in the Bay Area in a very pro-tenant city (some cities are a little less pro-tenant than others).

The boogeyman of evictions and landlord hostile cities/states should be a secondary concern. 

MHPs are an eyesore, and board members of every growing city can’t wait for a developer to bulldoze the park and throw up some condos.

Doesn't cause trouble for you/neighbors/city/police.That's pretty much the sum of it.

The city required the road to be extended a few feet, along with water and sewer.