Just read, large pension fund would not invest into Multifamily.Reason just like what we discussed, the spread betwen treasury and apartment cap rate is now zero : 4.6-4.8 vs 4.8-5.20so the spread is so thin, it is almost there's no room to make money.Please do note that during GFC 2008, the spread between 10 and MF cap is healthy 140-180 cap.I guess everyone at institution is doing similar like me, waiting either the cap rate of rental move to 6-ish and/or waiting the 10 year yield move to 3 ; when this spread widen then it does making sense to invest at syndication.....otherwise, the name of the game, just change the LVP floor in OH or MN or DFW :)

My guess is 1M.That would be real rare.  

Quote from @Henry Lazerow:My guess is most of the deals selling go to newbies who have no idea what a rehab really costs or that once you open the walls the costs often go up 10's of thousands so you need a solid margin to make money. 

I went hiking in Yellowstone and guess what I brought to protect myself from bears (not a gun). 

I guess I am a pessimist but here is why this will struggle:1.

I do not plan on paying interest on the HELOC for more than 2-3 months, so I guess the better question is will my portfolio benefit from acquiring a 4th property by leveraging a cash flowing LTR and therefore increasing the interest rate and lowering the cash flow on that property?

I guess I need help determining how to locate properties to be able to crunch the numbers. 

To that end, I made a Google sheets document with every hospital system in GA along with the following data:CityZip CodeRentometer 2/X   (what a 2 BR, any bath) goes for on Rentometer)RentRentometer 3/1+ Rent (what a # BR, 1.5+ bath) goes for on Rentometer)"Minutes to home"  (how far a drive it is for us)"Staffed Beds"  (measure of how big a hospital is)"Total Discharges" (a different measure of hospital size)"Patient Days"  (yet another different measure of hospital size)"Gross Patient Revenue ($000)" (you guessed it, hospital size)Map Searches & Housing Requests (this and everything below was from FF.com stats page)Furnishedfinder.com Page ViewsTotal RoomsPrivate Rooms % UnitsHotels% Whole Place > 2500 %Whole Place > 2k < 2.5k %Whole Place > 1.5k < 2k %Room > 1500 %Room > 1k < 1.5k Page view per roomThis allowed us to narrow our search to hospital systems near us (less than 2 hours) in a less competitive market (higher page views per room advertised on FF.com) with a significant % of units being rented on FF.com at higher rents (more $). 

I'm guessing it's low in my case.

I guess the purpose for this is to help fund community improvements and maintenance though it's a bit unusual since HOA fees and property taxes typically cover these.