@Daniel CohenThis method also works with condos, especially those built in the 70's  and 80's that are generally in good condition (thanks to the HOAs) but the kitchens and bathrooms are out dated.

Have you really been I investing since the 80's and have no clue about cap rates?

While Spokane's prices are definitely lower than a lot of coastal cities, the market is pretty hot here as well right now.  

You people in your late 20's, 30's and 40's can do what I did too. 

I have read several things you have posted @Thomas S. and we disagree on almost everything.

Even in the coastal states the median household income isn't much higher - it is still less than 75k / household.

@Brad Sand this is a fabulous overview and exactly what has been in my mind!

The sanding and primer.

Slightly more enlarged, 50-70% cash buying in Ohio & Mississippi, 10-20% cash buying coastal FL, CA, prime Hawaii, mountain areas of Jackson Hole, Vail, Aspen.Every list is different for appreciation, but I totally see these markets catching the eye of investors.

) - Coastal distance (impacts wind losses)3.