Although, I think the Fed be very data driven after that. 

  * Wind driven rain exclusion. 

I had driven by and checked out the property (including drone flights all around the property), had run preliminary title, had comps to know the range of value, talked to a neighbor about the property. 

While you can build that into the rent, rent is somewhat driven by the market. 

But it will be more numbers driven.

In other words, the chances of either project succeeding are equal.Project A is expected to be held for three years.

@Joe Daigle The reality is, at least with today's market conditions, that where you buy notes will likely be driven largely by where they are available. 

Hi Frank,As a truck driver, I can say I've run into guys I've driven with in similar situations as your tenant has.

Lower income areas will likely see some effects on value because the buyers and renters in these areas are likely more price conscious.As Michael mentioned, I see this as a supply driven issue.  

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)