Great question @David Tipton,For the same incremental improvement in NOI, you get a much higher increase in equity in a low Cap environment vs a high cap environment.For example, a $50k NOI increase in a 3% area (Beverly Hills?) 

He took care of it, and saved me some $ in the process so I got an incremental refund.    

We're starting to look at investments and I plan on expanding number of units fairly rapidly due to the price of multiplexes and my current available capital.

Most home warranties only cover up to $1500-$200 per system and come with high deductibles and limited covered systems, increasing rapidly yo $600-$800/year if you really want something that'll cover your plumbing or appliances as well as a litany of stuff they like to cover that basically never fails anyway.

When evaluating property in a rapidly appreciating market there are other parameters that investors use besides cash flow.

I've never assigned in my life, but do frequently close rapidly. 

The rents in the area have climbed pretty rapidly over the last few years and market rent is about $1850. 

There are really few investments that showcase such a rapid, steady increase in value.

If you're in a rapidly appreciating market (like San Diego), then you need to consider how quickly you can save up the necessary down-payment.

Yes, the concern is that foreign (far east) investors have been parking cash in Vancouver real estate and have left units vacant thus contributing to a shortage of housing that has caused rents to rise very rapidly.