@ Spencer OBrien: The responses I received on this post were extremely helpful to me.

The thing is, if they don't find this out, they can't find you the best loan, so they are usually extremely accommodating about answering these questions.

I know tons of folks who refused to use microwave ovens back in the 70-ies or 80-ies because they were convinced that the radiation will poison your food and give everyone cancer.Incidentally, Government recommendations in health matters have an extremely spotty record, in my opinion.

That is extremely important if you'll have it as a rental.Second, Change the title.

After doing some probing I found that late summer sales where doing extremely well in my area.

The key question to ask is "what is the ratio of assessed value to true market value in this community" The tax man often tracks this by taking all the sales that occur and compare them to their assessments.In extreme cases I have seen City's in upstate NY which had a ratio of assessment to true market value of 20%, which is to say if they say a property is worth $20,000, it may actually have a market value of $100,000Where computers have helped track market data, and market conditions (and the high taxes on properties) are a big deal in a lot of communities, many places, such as here in Mass, re-assess very frequently in attempt to keep taxes fair.

Although in these few years in the crisis, this has happened in extreme amounts and in a short time period over just a few years.

And to find 5-6 caps in a 50 year old B or C asset class seems extremely low.I appreciate your analysis of the market, it gives me more insight into what's going on up there.

I recently came across a extremely motivated individual who owns an 8-unit apartment complex that rents at 600-650 per unit.

As a new investor too, I can tell you this site is extremely valuable.