For example, if the average occupancy of 1970s built properties in the sub market is 90%, you shouldn’t expect your 1970s built property to sustain 95% unless rents are below market—no matter how good of an operator the syndicator claims to be.

we do a lot of infill building.. this only works in HIGHLY desirable areas @Wayne Brooks  as Wayne states not sure were your thinking the value play is here.now there are plenty of folks that buy cheapo lots in FLA like Lehigh acres then sell for a few grand more on contracts those are the land flipping guru's you see that's what they teach.. and there are millions upon millions of lots available for this type of activity generally in FLA  and West Texas  AZ CA and other areas that had massive land speculation booms in the turn of the century.. think Lancaster Palmdale in CA there are million plus platted lots there that get traded around at tax sales every year.to find land with value to builders you need infill in established areas.. close to down towns.. in areas that are regentrifying .. lots that have shadow plats beneath them. or you can split using a lot confirmation technique ( common in Portland)  you need to work areas of Scarcity .. 

Every town has ghettos.

Improvements generally refer to the stuff that was built on the land (i.e. the house, buildings, etc). 

Hi, Sorry for the delayed response i've been out of town. 

Specifically the 300k one had 10 units, was built in 2011, and had leases for each unit. 

The house has appreciated at least 2x what I paid for it back then so I’ve got a reasonable amount of equity built up in it.Would you keep hanging on in bloomingdale or take the gains and run? 

  - I'm sure you've thought of this already, but your town doesn't have to be tourist-heavy to be a good airbnb location - I've seen wildly successful short term rentals located near universities and hospitals and nowhere near a tourist destination. 

I cant really give out the address quite yet, but it's on the NE side of town, 860sf, 2 bed 1 bath.

Also, did you steel frame or stick built?