@Brandon Durant Pawtucket and good areas of Providence are doing well, as they did in the last cycle too.

I think the pricing is probably a combination of general caution in the market place due to cycle length PLUS most of the trophy deals have traded already (supply); so average pricing is lower because the product currently being traded is of lesser quality.

Even if cases are overestimated (Most common Covid PCR test using an absurd 47 PCA cycles - manufacturer and scientists agree that above 25 cycles a PCR test is invalid), and every country tabulating Covid-19 deaths differently, this eventually works itself out.

The natural trend in RE cycles is that the stuff in and closest to Boston gets too hot and many investors get priced out, so they look north and south. 

I also think that you should think about the cycle of the real estate market.

I've seen this cycle a few times in counties around me.

And when the market cycle turns, townhomes will get hit 1st and get hit the hardest.

And if they move out it can be a long leasing cycle.

As you mentioned, if you consider where we are in the current real-estate cycle, it might not be a good idea to max out your leverage at this time unless you can find a very good deal that will provide you with the kind of cash flow that will allow you to weather any corrections or plateaus.

Also I tell investors to keep in mind the size of a company or where that company is in their life cycle.