If you are going at this thinking you are going in bidding and winning above it, you are going to be disappointed.Another Question:Do you think interest rates trending or heading back down is good or bad for non performing note investors?

Census data highlight population and economic trends.

I have financed many deals in that area and it seems prices are trending down and no one is getting the ARV they thought.  

Right now, most cities are seeing a decline in rent prices and in occupancy and that trend is likely to continue.

These charts show data across each market on rent trends for re-rentals, where a new lease is signed on an existing rental property, and renewal leases, where an existing lease is renewed for an extended 2-year period.These data graphs show the percentages of growth and the number of leases in each category by city. 

It was fun to be trending for a while!

What markets have others seen to be on the upward trend to try and work into?

Interesting, I was reading the Key Data report on Next Season's US Rental Trends and noticed they include owner nights and hold nights in their calculation.  

I agree with David-trends are dependent on locations. 

You can't just always convert an old garage....for example the existing slab must have the proper PSI, vapor barrier, and steel.