Indy has a growing population, a strong economy, and growth potential. 

For example, if you are going into LA thinking of buying a cash flowing asset, I think that would be a little too far gone right now (not to say that it is not possible), and if you are looking for cash flow, are you wanting to purchase in an area that you can see, touch and drive the property when you want, or would you want to try long distance investing?  

Oh the glorious fun of full-records loans.It doesn’t hurt that my PM had worked with the bank before (for other clients) that it was a local bank that could drive by the property in question, etc.

Using this approach, keeping withconservative rent growth and vacancy assumptions, and factoring in the fully matured real estate tax amount post-abatement, the Y1 projected cash flow of $570,561 ($670,561adjusted down $100,000 to account for the fully matured RE taxes) would value the asset at roughly $11.4M at a 5% cap - a substantial savings from our purchase price of$9.8M.

I'm in a super competitive area need other options.I do know about the mailing/driving for dollars,but I'm trying to use the VA loan so most properties that will work out with that will probably  fail inspection.

Pay off debt or grow the biz? 

Sometimes cap rate compression is a signal that rent growth is expected.

As the state capitol, with OSU graduating 6000+ students a year, the tax incentives offered that attract big business and the 5 and 10 year job and population growth projections, Franklin and Delaware County are two of the best places to invest in the country some say.  

I found the deal by driving for dollars, taking down all the addresses of the multi-family buildings in the town, going to the local registry office to pull titles, and cold calling all of the multi-family owners.

Poor quality workmanship can really drive down the ARV on something, especially if it is important ie electrical, plumbing or obvious to the casual observer, ie crooked tile work.