It seems the main difference, Steve, between the MLS and the health club analogy, is that the MLS's product (information) is being artificially controlled.

If your goal is to reposition product skillfully an inflated (lower) cap rate is actually BETTER for you.

And think of the listings they would pick up as a by product from their marketing.

That sounds really productive.

If your main focus is going to be rehabbing I'd try to get out to this one since this one will be at a recently finished rehab he did in Reading so you can see a finished product and I believe he is going to give a pretty detailed overview of the project.Besides these meetings there are a bunch more near Boston and on both the North and South shores.

I'd always do a tear off personally the extra expense is well worth it for a longer lasting product.

And instructions don't give any wait time between wash and stain, while some of their other products say wait 48 hours.

You are offering X product to the public with Y terms. 

I know that this also depends on the product-type you are building - class A, B, etc.What are your thoughts on replacement cost as a measure of evaluating an investment deal?

Not only is usage down to lowest levels in over a decade, but there's reason to believe that domestic production of bio-fuels will (relatively soon) reach levels that will not only sustain us, but will provide some major export opportunities.