Have been renting it out since 2008. 2nd update in 2018 (new paint, new flooring after renters damaged old pergo floors - went with 100% vinyl flooring with lifetime warranty.)

Since the interest rates dropped a whole percent since we closed on our home we looked into refinancing our home.

You are 100 percent right, the best thing to do is actually get out there and do one.

Worse, in a county of 10 million residents, the coronavirus has had a disproportionate effect on Latinos, who comprise 40 percent of the state's population but 55 percent of all confirmed Covid-19 cases and 46.5 percent of all deaths.

I have properties that this month are revenue as high as 4 percent of current market value and 6 percent of my all in costs from two years ago.

2 Family Building RentMortgageOther ExpNet Profit 1st Floor - Taxes 1,124 2nd Floor - Insurance 292 3rd Floor 1,500 Heat - 4th Floor 1,550 Water&Sewer 150 5th Floor 2,800 Electric 100 Store - Maintenance 200 Total Monthly 5,850 4,316 Total Monthly 1,866 (331) Total Annual 70,200 51,787 Total Annually 22,388 (3,975)Owner based on downpaymentOwnership %Monthly IncomeAnnual IncomeCash DownROI %Joe100.0% (331) (3,975) 124,500 -3.2%0.0% - - - 0.0%Total100.0% (331) (3,975) 124,500 -3.2% Dollars Rent Multiple: Building Mortgage Purchase Price $ 995,000 14.2 Loan Amount $ 895,500 201K Renovations - Loan term in years 30 Seller Concession Percent 0% Cap Rate: Interest Rate4.000%Seller Concession Dollars - 4.8%Monthly Payments $ 4,316 Price with Concession $ 995,000 Annual Payments $ 51,787 Percent Cash Down10.0%ROI:Cash for financing 99,500 -3.2% Private Loan Closing costs (besides concession) 25,000 Loan Amount $ - Cash Renovations - Payback: Loan term in years 30 Cash dispensed at Closing $ 124,500 -31.3 Years Interest Rate4.000%Piti Reserves (6 months) 25,893 Monthly Payments $ - Cash needed liquid at Closing $ 150,393 Annual Payments $ - Tax Impact: Deal Structure Pre Depreciation Profit 11,992 Building Mortgage $ 895,500 Depreciation 36,182 Private Loan - PreTax Profit (24,190)Cash $ 124,500 Tax Rate25%Other Funds/(Surplus) - Tax (Savings)/Cost (6,047)Total Purchase Price + Costs $ 1,020,000

I have been in 1300 of them in the last 3 years and i figure 2500 in my lifetime, and there are just more and more coming. 

My assumption (as a lifetime interested party in real estate but just starting to invest) is that since they move out only a few years after buying, a new, well-paid millennial, moves in and the demand for additional new construction/full rehab remains a slow climb. 

At what percent of the ARV do you usually buy your properties?

When a market has high appreciation likelihood, it tends to have lower cash flow or percent rule.