Looking at the last twenty years of the market in the Inland Empire some areas were hit badly during the crash and some did not crash to bad.

It's seems a lot different from L.A or SoCal where a neighborhood might not even improve but just because it's in the area a rising tide lifts all boats .During the crash you could of picked any neighborhood in L.A or probably any home in California and it would be up from back then .I was looking at some homes in Cleveland and some were selling less today versus back in 1999.

I agree mid range apartments (1000 To 1400/ month) are going to be good investment vehicles over the next 20 years with more and more millenials wanting to rent after seeing their parents get annihilated in the crash.

After the crash, it’s no longer available.

I have seen some worries about "shadow inventory" where people bought up these dirt cheap houses after the crash and have been holding on hoping for the prices to creep up enough to unload them.

Do not buy Gold when the market is crashing down.

These areas historically will also go through depreciation when the markets crash and so they make no sense from either a cash-on-cash or appreciation perspective. 

Let's assume: 6 tenant turns a year$300/turn lease-up fee$700 rehab per turn3 weeks total vacancy per turn$500/unit remedial maintenance per yearIf I include the above factors into the spreadsheet, I get the following:I've talked to a few 4-plex owners and reality is closer to 2% than 9%, unless you bought the property during the crash at a very low price, which is much less than what you would pay today.Questions/Comments On Your Proposed Purchase Ignore "rules".

Like you've stated, the market has rebounded above that of the the 2008 housing market crash, which is an understandable concern.

This isn't right after the crash.