I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.  

It’s not my place to cross that line…but let’s just say I learned of some serious generosity on his part, generosity that most of us cannot or will not (mostly “will not” from what I’ve seen) match – and I did not learn of it from Quincy.

This is almost an exact match to how I'm investing.This strategy isn't talked about on BP forums as it goes against what many investors believe when it comes to good markets.

Yes, about 82% of properties are matched to a person in DealMachine - you get their phone, email, age, birthday, income level, renting OR owning.

I don't like that because then I have to match up the amounts with who pays what in rent.  

Quote from @Chris Olandese:  I like this too - it's very definitive which matches my work ethic.

When a property comes available that matches that criteria, I move on it.#3:  Short cuts are not efficient. 

The problem is that there isn't a lot out there, and when looked into each comp extensively, I saw the numbers were deflated because they were 'as-is' properties with extensive damage, or properties with a well, and other mis-matched differences.

For every good matching comp at a high price theres 16 poor priced matching comps that the appraisers only focus on.

We focus on CapEX before beauty. as a realtor we understand selling or renting homes you have to make the home function, Roofing, windows, electrical and plumbing. after we address these we focused on beautify making sure the upgrades match the area and is forward thinking with color scheme, flooring, and flow.