If you don't factor that cap ex budget in your cash-flow evaluation, then for the first 5 years it looks like you are doing GREAT and in year 5 you are doing TERRIBLE, but in reality its was business as usual all along. 

Compare: Put a 9% cap rate on an $85,350 run rate lodging house NOI, and compare what other multi-family properties you could buy for the same $948,000 purchase price?

Cap rate is only one metric to compare properties.

Almost all their competitors simply charge a $1/month/ per unit fee as you grow your portfolio, and I think that approach, still capped at $80/month, would be much better than these big steps. 

I get that it's a great way to build your business, so I don't fault anyone for trying to get ahead.I just started reading countless reviews for Pace's mentorship, and while there are a handful of legitimate BP members who respond, that post from DEC 2020 that had 87 responses and many VERY similar writing styles: lots of strategic CAPS, ...'

The picture has been painted very clearly, and I will shift my focus north to Brevard County.What cap rates are you seeing in Brevard County? 

Once you purchase a home regardless if it is 20% down or not you would then be capped at 5% down conventional.

Then you can run your numbers, check insurance, cap ex, special assessments, and get inspections.

Sometimes I get on the phone with people and they tell me they factor: 10% vacancy, 10% maintenance, 10% cap ex, 10% management.

The median price is still just $90k and I wouldn't be surprised to see it double again pretty quickly.The other nice thing about Michigan is property taxes are capped at the rate of inflation with a max annual increase of 5% per year.The biggest drawback of Detroit is tenant quality IMO.