I know its not what you intended when you made the investment, but holding on if the neighborhood is as bad as you described and doesn't project to have any appreciation events forthcoming is no better.

This project turned out really well and this home will be around another 50+ years What made you interested in investing in this type of deal?

Economic Timing.According to data compiled by Marcus & Millichap[2], the Portland area has experienced three very important trends since 2010:The average price per unit for apartments has nearly doubledThe rate of employment growth rose from 2010 to 2015 but has since declined steadily, projected to be up 1% for 2020 (estimated before COVID-19)Roughly 30,000 apartments have been built since 2010, with another 5,600 units slated for construction in 2020Most RHA members have enjoyed a solid decade of price growth, rent growth and steady occupancy.

We recently sold our one rental, but we are looking for our next deal/project in the area.

That's not everyone - some legitimate players may just be short on cash because of projects (I've been there) - but it is a lot of people. 

Hey Joshua,I'm currently in the throws of a development project in Brooklyn, and the $300 a sf model is a little light, especially if you plan on decent finishes. 

Hello Anshuman, I live in the OC area and we help many investors with financing their projects.

I will say that some of the listing prices and projected rents seem high when comparing against my own research.

I've had people work with me or invest in my projects because I can show a proven track record.  

If your company goal is to buy and hold real estate and develop, I think that will keep you plenty busy and just skip flip projects.