In addition, the relationship has been on the rocks.  

The one bad thing with sheet rock is that it damages way more easily than T&G... 

I do look in AZ but you can't really cashflow unless you get lucky with a 20+ unit.Mom and pop stock are under water in terms of Rent-to-Value Ratio of more than 1% You might want to try Birmingham, Atlanta, Indianapolis, St Louis, Kansas City, Memphis, Little Rock, Indianapolis, Greenville, Jacksonville, Tampa, Houston, San Antonio, Little Rock, Milwaukee, Cincinnati, Dayton, Cleveland, Ohio, or other secondary or tertiary markets.

The vinyl pools are usually framed with steel bands around the edges and from what I have seen seem to go better in a crawl space type setup.  

You could save about 40 percent of the full bid if you pieced it out.Hire a handyman to demo.Ask your handyman if he can do windows, doors, sheet rock, tape and mud, trim work,painting, tile work, hang cabinets, install vanities, etc.Ask him if he has tools, tile machine, compressor, hand guns,  Sometimes handyman are old General Contractors that didn't renew their paperwork.Hire a framer to remove or add walls and new rooms.Hire an electricianHire a plumberHire a sheet rocker and mudderHire window company or handyman to install the windowsHandy man can also do so much .Make sure the electrical and plumbing is done right.Most states allow $2000 of work for a handy man. 

Hard, because a lot of the low-hanging fruit is gone and you're going to have to get off the beaten path and turn over a lot of rocks.  

If so, which age band?

The CAP rate will vary by asset class:  A, B, and C. 

Good luck,Chad Rocke

Good luck,Chad Rocke