This will give you bad cash flows (at least to start) but periodic 'bumps' in value as people cycle out of apartments. 

If they want pricing in the cycle of 3 years ago they are out of touch with reality. 

Other times a local commercial broker might under market a property or not even expose it and I can get my clients in early and under contract.A general cycle for brokers is to put it out to their trusted direct buyers and brokers that they know have buyers they can close with.

The seller goes through a cycle of not being able to find a sucker and then after some time have to make the choice to take a painful loss or get less than they wanted or deal with turning the place around for the price they want.

And if he's paying the expenses to cycle up to a better tenant, possibly at higher rents, great!

Now you're forced to move and repeat the cycle.

So in the market that starts to decline and agents in the market retreat then the tech gap widens, if we agree that a slow constant absorption and improvement cycle takes place in the background.

We probably have at least 2 years, maybe more to go in this upwards RE cycle, so you can expect more appreciation.

This half of the cycle is where true wealth is born.

Since other landlords use a school year lease finding someone to move in can be next to impossible until the next cycle.