I would also add how important it is to ask specific questions on their underwriting (cap-rate escalator, contingency, economic vacancy, etc).  

The reason ARM are bad especially if they are changing every year is they change with the economic conditions of the US and globally.

I found this article encouraging for any one in the real estate investment game:  https://emcaplending.com/2021-...Though there are more details in the article, the following paragraph provides a glimpse at its general discussion:"While moving against the general economic trends in 2020, the housing market made great gains throughout the year.

I have had them in my personal residences and they were economical.

But as far as price projections, that is a long boring discussion about historical prices, unique economic factors in Hawaii, the government, builders, zoning, supply, demand, military, etc. 

Especially not given the contractionary economic undercurrents we find ourselves in over the last decade or so.

I agree with it being "best asset class" for the most part, but mortgage crisis induced recession is a still a recent memory. 

SO for 2-4 units, get a couple of quotes.5% vacancy is about right, but with collections now, economic vacancy is higher.Think I'd just get a real rent roll and then figure expenses = 45% of gross or about $5K-$6K/unit/year. 

Also Electric Boat and Quonset Point businesses are an indication of what is going on in North Kingstown economically. they seem to be hiring.

The whole point of going into the NC market is because of the growth economically and population-wise.