But knowledge of local conditions is a much better indicator than an appraisal, since appraisals are easily manipulated by simply choosing different comps.

There is so much knowledge on here and I've learned a lot.

My quad's come out to 64,000 a door for 850 to 950 a month in rent on my apartments.I don't look at it only from a cash flow perspective however.The area I have the buildings in is an A location prime for redevelopment down the road.Mike it sounds like your local market is competitive with investors and your margins are thin.On one hand it is good to be in a thriving market where demand is strong because usually supply is lower and the amount of rentals and new development for multifamily cannot meet demand.This helps rents grow at a rate that outpaces utility increases and inflation.The downside is it can make some investors overspend on a property because they feel good about the market.I looked for over 2 years before I bought something.I said many times those buyers were nuts.I tracked the properties and many investment properties after purchase just 1 to 2 years later went into foreclosure.They bought at such a price that it wasn't sustainable.I look for a 10 CAP or better on my purchases.The problem is if you someone who has only gotten 1 percent interest off of a CD or Treasuries or they have gotten beat up in the stock market.Those types of buyers jump up and down to get a 7% annual CAP return beating out your offers everyday of the week.By in large many buyers like this can be lazy.They only look in the MLS for listed properties.Value can be found marketing to sellers that are not on the market.They don't want to make public all of their problems ( I know it is common knowledge of default at some point but this is their mindset ).

Persuasive authority may persuade a judge to rule the same way - but it does not require a judge to rule the same way.And the discussion continues and gets more complicated as we go on.SO - I recommend if you ever have questions about what you can or cannot do - you look for any kind of landlord tenant reference book published by a reputable publisher that is addressed specifically for PA and is a current publication; OR, consult a local attorney knowledgable in these matters....

I have more intimate knowledge, but then again, I have loads of time.The buyer however is still anonymous.

Everyone always rags on the guru but would love to have their expertise and knowledge but no one is willing to pay for it.

I have a couple inside connections I can not speak of, but yes, I can confirm from first hand knowledge they are being held back, and disbursed in a controlled mapped strategy.

The time frame between ownership would be the key issue, and to my knowledge there is no minimum on that which leaves a grey area open to interpretation.

Rental rates going up or down certainly should be a part of your knowledge/research and calculate into your decisions and projections.

Does this sound right to those of you how are knowledgeable in SDIRAs?