it’s a small town with a great economy compared to Buffalo historically.

Not exactly an earth shaking difference between now and the historical average and I suspect statistically no meaningful difference.Starting in 1996, the homeownership percentage noticeably starts to rise.

Those markets are historically high cash flow markets, meaning you can typically buy at 9-10%+ cap rates vs. the 5-6 caps available in San Diego.Sometimes a seller will already have a PIP in hand when you go to consider the opportunity, other times you will need to order a transfer PIP during your DD period while under contract. 

If you aren’t beating the historic average return of the S&P, why take on the additional headaches associated with rental property?

Maybe this guy can, but I'd want to see the kinds of returns he's historically generated first. 

San Diego has historically provided outstanding return for RE investors but the cost of entry has been high

I won't be investing in the riskiest/most supportable asset subclasses such as hotels, and tilt my portfolio the ones that have historically been more stable such as multifamily and single-family housing.

Purchase price: $200,000 Cash invested: $800,000 Large medical complex rehab of historic building 20,000 sq foot How did you finance this deal?

You can look back at historical brackets and see that they have varied wildly.Rates: Not too hard to predict that tax rates will likely increase.

But at least hopefully you have the historical stats from the MF property itself...Tell us about the MF property you are looking at?