Just sharing my thoughts and perspective on this.

I had my fare share of financial modeling and asset management and can say I know how to analyze deals and asset manage very well.But, I was not too involved in the closing phases of the deals (lawyers, reports, debt placement, contract negotiations, parts of the DD...) so I lack knowledge in those parts, which I make up for in reading ton of materials and listening to podcasts.• After that I worked for three years as a management consultant at McKinsey where I sharpened my business acumen, problem-solving, storytelling, and presentation skills.

I think most places are in this range

So....... with my previous CPA (who has since unexpectedly retired) we did a cost segregation study on an asset that was placed into service in 2021 which broke down the bonus depreciable items into 3 buckets, a 15 year bucket, a 7 year bucket, a 5 year bucket and the rest would be on a 39 year straight line depreciation schedule as it is a short term rental.

Thanks for sharing @Peter Bras!

Long term tenants in place currently paying below market rent at $1200/M.

I agree....but the OP should still bear in mind that these Blue cities will still have very tenant-friendly laws in place, so that should be weighed into the decision as well....IMHO. 

Is this area and property type a good place for the current market cycle?

This is a great place to learn and to connect with people so take advantage of all the great resources.

Perhaps someone else here will share their success story from a paid mentorship.