My wife and I own a two flat in North Center, rent out the upstairs and have been wondering about how we could buy another investment property (hopefully in the city) and what type of investment property that might be.

If they need to borrow tools, send them to the Home Depot rental center.

In the Charlotte, NC marketplace that would get you a 10,000 - 15,000 foot well located strip center.

Daniel,I've looked at a couple of projects like this and leaving all $$ issues aside, the problem I saw was the layout of the structure.There is a reason that most apartment buildings are tend to be long and narrow; it is so a window can be put on each room while keeping the size of the unit 'reasonable'.I recently saw an office property that had a ~5,500 sq ft plate with a center block for the elevator / electrical / mechanical which is a common layout.

Plus, Ann Arbor more high paying jobs located directly in the city center than the other cities you named.

However, if you enjoy playing touch rugby, our club meets on Wed evenings right by the St Johns Town Center.

@Jay Hinrichs I just met a guy at a convention last weekend who said he does something similar its not an easy business takes a boat load of capital but returns are of course off the charts.. my buddies who own this company are very very sharp... they come from doing big deals in the shopping center and commercial property space.. ... as in 10 to 50 million dollar properties they own and run.    

@Greg Fitch I think Fairview Homes is near Four Seasons Town Center (if it isn't, then disregard what I'm saying), which is definitely on the lower end in terms of quality and income.

@Dave Foster, this is a shopping center comprised of two adjacent tax lots.

Lake Nona has had about a 10 year headstart on growth (and appreciation) where as Apopka is just finishing up the infrastructure in the next two years and becoming built out by new builder neighborhoods expanding north and west from the city center.