Hi Matt,Memphis holds a lot of hidden opportunities.

Memphis is a hidden gem for real estate investing.

This was my first property, and while it's been a great learning experience, I made several mistakes along the way—ranging from choosing a realtor who was more focused on closing the deal than finding the right house, to having a poor inspection and overlooking issues hidden beneath the surface (literally).

In Ohio, older homes might bring hidden maintenance costs, so that $20k reserve will come in handy. 

I can fix any issues we can see and know about right away, it’s the hidden ones that older homes just tend to appear.

A town in Illinois doesn't have any hidden costs just by it being in Illinois.

Point being that property you acquire 1-2 years ago is likely to be subject to deferred maintenance and capex, so their "long term" performance in rankings 1), 3) might skew poorly in year 1-2 but may pickup  after you've found and fixed all the hidden issues.I know if i did this exercise across my portfolio, the recently acquired ones wouldn't be fairly "stacked" because of all the year 1-2 cost build up from what the seller deferred, but have good chances at being future performers in years 3-5.Maybe that's why you have 2) and 5) but curious your general thoughts here are for evaluating this. 

Hello BP - I am seeking advice and samples for move-out and cleaning instructions to provide my tenants.  

My CPA instructed me to list my repairs as CAPEX or repair items , furnishings were supplies for the rental. 

In my experience, Birmingham is a hidden gem for real estate investors.