There is a level of complexity in these understandings when it comes to urban versus rural assets.  

The other thought about Townhouse Complexes is the sometime high Monthly HOA Fees, eating into your return.

Just my 02 cents but I don't see the appeal of going into a Midwest cash flow market unless you are taking down an apartment complex 80+ units that easily supports on site management.  

With Liberty Mutual and Toyota both building large complexes across the street you may be able to offer rentals to their executives as they transition them from other parts of the country to Plano.  

What creates the whole 'appreciation mystique' is that it is highly complex, and dependent on local and global influences.

In my area, it is common for larger apartment complexes in the 6-20 unit range that are separated into smaller parcels of 3 or 4 units so that they can be bought with traditional residential financing.For example there is a 6 unit complex for sale that I am looking at that is two separate 3-plexes on 2 different parcels of land.

The more complex you make your payback model, the harder it is for people to understand, the harder it is for them to say yes. 

I've had great luck with one condo complex in particular, getting 10+ rates with Airbnb and travel-nurse rentals.  

One is a 12-unit apartment complex the other is an 80 room hotel that I would convert into 35 loft apartments.

As others noted, this strategy can be management intensive and introduces additional complexity.