My quad's come out to 64,000 a door for 850 to 950 a month in rent on my apartments.I don't look at it only from a cash flow perspective however.The area I have the buildings in is an A location prime for redevelopment down the road.Mike it sounds like your local market is competitive with investors and your margins are thin.On one hand it is good to be in a thriving market where demand is strong because usually supply is lower and the amount of rentals and new development for multifamily cannot meet demand.This helps rents grow at a rate that outpaces utility increases and inflation.The downside is it can make some investors overspend on a property because they feel good about the market.I looked for over 2 years before I bought something.I said many times those buyers were nuts.I tracked the properties and many investment properties after purchase just 1 to 2 years later went into foreclosure.They bought at such a price that it wasn't sustainable.I look for a 10 CAP or better on my purchases.The problem is if you someone who has only gotten 1 percent interest off of a CD or Treasuries or they have gotten beat up in the stock market.Those types of buyers jump up and down to get a 7% annual CAP return beating out your offers everyday of the week.By in large many buyers like this can be lazy.They only look in the MLS for listed properties.Value can be found marketing to sellers that are not on the market.They don't want to make public all of their problems ( I know it is common knowledge of default at some point but this is their mindset ).

The problem is that you should be quite long-term as I don't see retail buyers getting loans anytime soon in these heavily investor developments.

Develop a relationship with a licensed realtor in your area.

When we get a phone call for an appointment we take down the name and number of that prospect.

Its because they waded through thousands of prospective houses, sellers and buyers, did a bunch of much smaller deals and had a few home runs.Wholesaling is hard.

However, I understand FHA lenders do have a restriction, therefore, if you buy a condo or townhouse in a certain development that's heavily NOO, it could cause problems in the future when you try to sell.

If both public sewer and water are available are available, the minimum lot area is 20,000.The property is bordered by a main road (with manhole covers every X number of feet)and a McMansion development.

The prospective tenants were too good to be true.

The Fountainhead - Ayn RandLandlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves by Leigh RobinsonReal Estate Development Principles and Processes- Urban Land InstituteHow to form an LLC - noloPrinciples of Real Estate Syndication - Samuel Freshman

That's a very significant development, as it allows you guys to do more in less time.I hope you're feeling the speed, and finding it improves your experience here on BP.