To me personally its by far the best thing for young west coast investors to do starting out.. safest and will be the most profitable in years to come.. even if they never make cash flow and just break even and let the tenant payoff the mortgage.. by the time they are 60  they own probably 10 million worth of RE free and clear.. sure beats the risk of low end C and D  investing in my mind.

In general in this area of CT it is hard to make the numbers work for SFH rentals in areas you would actually want to own one in.The multi family rental market in Middletown is very strong because you attract renters from east and west of the river, and it is a more than reasonable commute to Hartford or New Haven from there.I went to HS in Wallingford.

Section 8 is a great way to be less concerned about getting paid, but it also attracts a different type of tenant, depending on what neighborhood class your units are in.

(Disclaimer:  I am no expert on listed million dollar property!)  

In my area, I go for attractive efficiency that is as bullet-proof as possible.  

We did that in the back of some units and it looks good, does not attract bugs and does not cause splinters.

He wanted to do a home depot kitchen on a house that had an ARV of a million dollars.

I'm assuming $2-3 million minimum, and so you probably need to put down 30-40% to get any return?  

I don't think you would find a buyer in a million years to pay you a 10 cap on this property ( granted we don't know the market so maybe you are in a super great spot with below market rents by 200) .   

Some 7.5 million households will have lost their homes and nearly all of them have since become renters – many of single-family homes similar to the ones they owned previously: http://www.housingwire.com/articles/34369-moodys-analytics-single-family-rental-growth-will-accelerateApartment Market Strength Continues in Second Quarter With 5% Annual Effective Rent Growth and 95.2% OccupancyAnnual effective rent growth for United States apartments reached 5.0% for the first time in four years, according to early second quarter 2015 numbers from Axiometrics, the leader in apartment market and student housing research and analysis: http://www.digitaljournal.com/pr/2600931The 20 Hottest U.S.