Moreover, these rents are capped at 1% of the value of the property per month.

I'd cap the weight at 60 lbs and not allow any breeds your insurance company won't cover.

Still plenty going of course in a city this size.. but its an indication they have run the small business folks out .. most of the small builders rely on HML and with sales prices so high. ( sellers want top dollar)  you have to close on the lot before you get going on permitting.. and then permiting takes 2 years you can see where you cap drag just totally eats into profits.. so the only thing to do is pay less for the dirt which most if not all sellers are not willing to do.. so you have a lot of projects making very little to no money right now. 

Lets get into the numbers: The property: 4 building 14 unit apt. asking $350,000 with 9.1 cap rate but I feel confident I could get it for less.

While prices are high, cap rates are sub 4%, one can still benefit from appreciation with longer term hold? 

Its fully rented and no foreseeable cap ex projects.

The best areas are Germantown and Collierville but very low cap rates. neighborhoods in memphis zip codes change street by street so please do your due dilligence before investing through wholesalers//MLS//Turnkey...

We don't use HW on our properties, we keep a Cap Exp account that is fed monthly for the big ticked items.

Venmo over time is going to be a tough solution to scale with since they cap the amount you can withdraw per day to I think $3k?

If you hold more than 5 years your original cap gains decreases 10%3) If you hold 10 years or more.