@Jamie Greenberg Came across this and I think it's worth the read for anyone interested in NPN. http://papersourceonline.com/dirty-little-secret-n...And actually, the article originated from a comment here on BP from @Don Konipol so you can stay on BP's site you'll just have to scroll a little to find it. https://www.biggerpockets.com/forums/70/topics/299555-re-residential-notes-quality-of-properties-and-forrates?

That being said I feel the franchise route will enable me to support such a growth model without compromising customer service and quality.

Risk is missing.I appraised notes, and assessing loan quality is a risk assessment, not primarily a financial assessment.

If the price is right for the area, then determine the quality of the cash flow: is the building under-performing?  

The school district is amazing and quality of life makes it a highly desirable rental market. 

My point is, what is left in the Palmdale/Lancaster population who will be renting houses is, less than high-quality typically?

My company finds properties for all sorts of investors here in Fresno and fills them quality tenants.

If you screen properly, you find you don't have the high quality tenants looking to rent in these areas.

If you are already at the upper end of rents and push it higher because of "perceived" value adds like the seclusion ect you will just end up with poorer quality tenants most likely.

I know Bloomington is a great city with a lot of upstanding citizens for a college town so I'm sure you can find quality people, I was just curious if you were renting to undergrads because that would terrify me.