@Eben Rohling there is a investor group based out of Sauk Rapids/ St Cloud MN.

On the one hand you have wealth inequality increasing rapidly, so it would make sense that SF, Seattle, NYC, Boston would have forces working against a drop. 

Lets assume for now it is ana average number per door and pricing your rehabbed units which are vacant at that price will fill rapidly.$460 X 80 doors is a gross income "potential" of $441,600 annually.

If you want to invest in the next Mill Creek check out Bothell as I don't foresee it being Lake Stevens.On the flip side of that we haven't seen new development here that combined with rents increasing rapidly in other areas LS still has very low sub-market vacancies.

Other markets I am considering are northern colorado, Rapid city, and Sioux Falls, I just don't have a team in place to consider these seriously at this point.

Indy has a lot of new developments in the works ($4B hospital expansion) and is growing rapidly. 

Certainly you need to underwrite deals more carefully in a stable or declining market as opposed to a rapidly appreciating market. 

The economy is changing rapidly right now so that might change but currently these loans are not competitive in the market. 

The rapid rise in the Treasury has pushed up rates a lot recently (don't take my word for it...look it up). 

I have no idea what else TIF money would be aimed for, but presumably to somehow encourage rapid development.