When I run the numbers on Singles/Multifamily houses I see in Zillow/Redfin It doesn't seem like the best ROI I can get (of course I am not adding any appreciation or other factors as I just started analyzing).

And are the rates as exorbitant as HML , I understand various factors will influence but around 5% or around 10% .

And this doesn't factor in all the plans, zoning, permitting, and interest costs. 

@Peter Fuentes Post-covid times can be a big factor with the market specially when the eviction ban lifts.

I agree that if a property is well taken care of, then the build year isn't such a factor.

He's not naive to think there wasn't more wayyyyy more at play, but rather that this was a contributing factor that added fuel to the dumpster fire.The US Population growth % has been declining since the 1990s so it's not totally new, but we've been able to shave off less births with immigration.

There is a calculation for vacancy rates as well, which needs to be factored in.

The other huge factor is your CoC return on that money, so dependent on how much you're putting down. 

Turnkey made sense post 2008 when even factoring in profit for the turnkey company there was enough meat on the bone left for an investor.

Point is that DA's (in my own real world experiences) are typically lower than full appraisals and clearly cannot account for factors other than hard data (bed/bath/square footage/lot size).