I went back to long term tenants, except for one apartment that is one bed/one bath.

I'm mostly interested in the CF and realized NOI per year for each market after property stabilized with a mil acquisition.With 3-4% cap rate in northern CA, if you buy 1 mil (none) or 3 mil apartment, it never makes money except thru appreciation so I guess double-digit cap what perhaps matters rather than the price.

We know someone with a home in Southern Utah they never really come close to cash flowing on, except this year they're blowing it out of the park. 

Everything except their clothes. 

They have had their 203k experience impartially vetted or have completed a comprehensive education course on the 203k ... not to mention they have sufficient $$$ to afford the startup costs and ongoing expenses for the 203k, because there's not really any money upfront for the contractors (except in certain situations on the Limited 203k). 

This has been reflected in real estate nationwide except NYC which is a laggard.

My loan officer ended up being a total rock star and going all the way to the president of the bank to make an exception for me!

The first year of any new rental (with some exceptions) is pretty lean.

In most large markets, none of these developments are that big of a deal, except that it is a smaller town that hasn’t seen much change until now.

There are exceptions, but $650 isn't even close.