Would love to hear from the folks that have been through the cycles...

Is an MFR (8-plex) useful life considered to be 27.5 yrs like SFR?

I thought it was in good shape, inspector estimates it has 1-5 years of life left, and may develop leaks soon.

Vallejo, Richmond, Stockton, San Leandro, Hayward... all areas local to me that are like that, with 4plex loan limits well north of $1m & still 5% down with PMI that drops off once you have the equity (unlike FHA where it's "life of loan" and you'd have to refinance in a rising rate environment to drop the mortgage insurance).

Like with many professions and life itself not everyone is great and more often than not they are average to below average. 

"Set for Life" may answer some of your questions on where to start saving. 

I have heard and experienced that guests want the cabin experience and to feel they are escaping from reality back to a time when life was simplier.

I think that the lenders in this cycle have been just as reckless as last time but they're no longer banks, now they're the hedge funds, debt shops and PE firms who are making these loans.

Given where we are in the market cycle, you'll also want to plan for a worst-case-scenario, and I don't believe 5% vacancy does that (in most markets). 

The property isn’t garbage but nor is it high life.