Rates are usually in the high 8s or low 9s, and you are likely going to pay 3-4 points for these loans. 

Looking at this mathematically, if you assume a 50% non-renewal rate (industry standard) and use the low end of the range of $5,000 per non-renewal, there is a loss of $50,000 per year on a 20 unit property.

I have a lot of colleagues with multis in Philly and all are doing well because of low taxes and high reliability, but it has its challenges.

The program was created to give low-income tenants an alternative to living in federal project housing.S8 sets their rental rates to the LOW-END of market averages, if not slightly below.

Yes they suck. ...alot lol.Nice south bay burbs are still highly desirable, low DOM, naturally appreciate and coupled with value add still present good returns.Ironically techies (from many different cultures) still want a 3/2 picket fence house.This strategy, however, comes at great personal discomfort.

Also, for low value properties, most lenders wont take the risk. 

Rents are low and prices are high.

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

A property could be cheap but be located in a low performing market.

If I ever run low on reserves, I can easily transfer funds from my personal to rental account.