Any test is subject to possible mis-reading, though those are more exceptions to the rule.

Thing is, I know auctions all have their own set of rules and such.

The traditional closing period lag time coupled with the delay in knowing the true market cap rate due to steep interest rate hikes creates a major, present day, market uncertainty.

When there are no events, the venue has been booked for short-term rentals.Business has no debt, and is turn-key (advertising is creating a healthy pipeline, there are existing employees, and will come with all the inventory and FFE&V). 

The 75% rule was what I was expecting as well.

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

Sanding will create and insane amount of dust that will get everywhere.

Had to forego on bonus depreciation (had done a cost seg) because I'd end up paying more tax for my 2024 return due to the recapture rules.

You do need to rely on the property manager to enforce their non-smoking rules.

Like Bjorn said, there are a lot of overpriced properties currently so value add projects have been more popular in the current market as you can get in much cheaper and create value.