These two 'extremes' are why many investors look at the Internal Rate of Return (IRR) and other financial metrics and not just CAP Rate or Cash-On-Cash.

I've learned some of these the hard way...real estate is passivemy way is the only profitable strategyno money down means no money neededcontractors, management companies, and residents will do things the way that I would do themgetting profitable deal flow only takes a couple of monthsprofit equals monthly cash flowturning appreciated primary residences into rentals, unaware of the capital gain exclusionthinking that a HELOC accrues interest differently than an amortizing loanthinking that ROI is still a relevant metric years after purchasewe won't buy in a stable economy but will when the economy is crashingwe are investing in "the real estate market" rather than individual propertiesoverestimating AVR and completion dates and underestimating costsi can't go to school or work and invest in real estate at the same time

If it’s a national bank forget it but if smaller and local...Research the property and the rehab costsPrepare a presentation to the bank about your skills experience and financeReach out to whoever is in charge of distressed assets and request a meetingIt’s possible they have internal metrics for veteran, community building and other loans that may give them an incentive to work with youPut together numbers that work for you—banks aren’t stupid and have their own drivers and it may get to the point where they perceive it to their advantage to get a loan off the books and back performing.

@Joseph Cacciapaglia great metrics, thanks for sharing!

One question I have is: Does anyone have a metric they use for renter supply vs. demand?

If you look up "Neal Bawa analyze a market" on youtube, you'll find videos of a couple presentations explaining exactly what metrics to look for and follow.

Putting numbers, I'd like to share some metrics that I consider during my DD:-Home values-Crime-Income-Population growth rate-Unemployment rate-Owners vs Renters-Nearby developmentIf you research neighborhoods before you invest or advise clients, what metrics do you look?

Ask what they want and see if you can get them into a lease.Main reason is lenders don't like MTM leases almost as bad as empties and debt service cover is a major decision metric for them.

If I remember correctly, the "control group" metric of the 6th, based on pre-COVID  numbers, was 20% (that was also asked in the survey). 

I would not choose these lower cost areas over higher cost areas unless you are aware of metrics that lead you to believe they are a good RE market.Cheap does not imply a good value and expensive does not imply a bad value.Good luck