You let one hour pass, the likely hood of that person being a buyer for you rapidly diminishes.  

In fifteen minute increments.

One good thing is that like you mentioned, it continues to appreciate rapidly and will always have appeal to renters, so you can count on yearly rent increases higher than the norm for not just the nation, but locally as well.

I hear Grad Rapids, Mi is experiencing the same thing although I have not looked into it myself ..

I mean, I think it would be a smart play to update incrementally.

If I'm building a personal residence I might pay incrementally more to get the 8-burner stove, counter depth refrigerator, hand scraped floors, etc.

I tend to dissuade my clients from considering condos as the HOA fees rise more rapidly than rents which means an annual reduction in cash flow.

My husband and I own two properties in Grand Rapids, MI.

Speaking of 1.5%s, I modeled the impact of rental percentages from 0.8% to 1.5% in 0.05 increments on returns -- it's insane how weighty that factor is.

The reason for that number is that I started with very little money, but things are ramping up quickly as I'm expanding rapidly.