HOA fees are rough for borrowing on investment properties in this interest rate environment too.

The best I know of (and we can do this) is 15% down, but even then in this high interest rate, high tax, high insurance environment it's really hard to get a property to cash-flow positively without putting a lot more down.

Part of that is the incentives our state offers to new business, part of that is a business friendly general assembly a regulatory environment, and part of that is our low corporate income tax rate.

@Demiss ShippleyHouse hacking in expensive markets is doable, but you may need to be more flexible or more creative.I agree with @Benjamin Sulka, likely in this environment plus being in a high COL, you'll likely not be able to cashflow unless you have a SFH with many rooms that you rent out individually.

You may find in this environment you will be asked for 30%, 20 year, higher rate, which makes this deal look worse.If you pay cash....quick napkin math assuming 50% of NOI for expenses that leaves you with ~$70k which is a 3% return. 

Investing is a business and the business environment has changed from interest rates to contractors to tenants.

debt coverage is a greater obstacle...than appraisal at 75-80% LTV" - 100% agree...DSC is determining loan proceeds in this high rate environment, not LTV.

In the current environment, a 15%-17% IRR is respectable/realistic on a value-add ~B Class deal. 

Our people are happy with the environment and diversity of opportunity there.

In markets like Memphis and others here in the southern/middle part of the country we are still able to cash flow despite the interest rate environment.