While the values are certainly rising there is plenty of opportunity to pick up property inexpensively.

We do them with www.insidemaps.com because we can pull listing photos from the tour, it generates a floor plan, and it's inexpensive.  

West Philly is booming and still relatively inexpensive.

Also, a low quality home can be renovated with some sweat equity quite inexpensively and attract a higher paying tenant.

And Year 2, 3, and 4 just assume a 2% increase in gross rental income and a 2% increase in expenses.

Unless you're buying an inexpensive property that you probably can't get a conventional loan for, I think this is a no-brainer: use leverage.

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As others have mentioned, though, there are variables in expenses in different parts of the country and even within different parts of a city.

A borrower A at 14 months behind already has accrued thousands of dollars in expenses more than a borrower B that is only 3 months behind.

How would you assure that the contractor who did a great job for you at an inexpensive price, didn't suddenly out-source to some incompetent sub-contractor?