Or are they performing some sort of arbitrage and they are not the end buyer.

This is purely anecdotal, but I've noticed that the top performing properties in my area lead with an exterior shot.

If these homes were such great investments, they would keep them for their own portfolio.When you purchase an investment, calculate your returns based on actual performance.

Yes, you bought what seems like a good deal on paper, but in reality, you own an old apartment building in a neighborhood with poor security, possibly surrounded by long-vacant shops, streets piled with garbage, and a poorly managed community.

Put together a spreadsheet and compare the performance of the subject property if you keep renting it as is for the next 10 or 20 years versus if you rehab and refinance.

And right down flying the same airplane LOL..their shop is well run..

I would say it depends on how well the chunk of cash in your 401k is performing compared to the asset you are acquiring.

I will shop around for homes based on these inputs.

Tossed around quite a bit and it isn't what it once was, but the value is still very high based on past performance and brand recognition.

Not sure why that happen, however the best way to screen a potential tenant is to see how they have performed in the past.