There is definitely a lot of competition for good deals.There is also still a lot of opportunity due to population and economic growth.You need to stay informed on developments that will make certain neighborhoods more desirable for people to live in.

Leased in 30 days, some commercial properties take years to lease, and some are never going to be leased for enough to cover expenses, they are economically obsolete.

These major metros are lower risk because that demand is higher, because what happens to both the values and rents where there is high demand, they will rise much more than where demand is lower.People who say appreciation is speculation, simply lack a fundamental education in finance, investing and economics. 

@Barry Wong, Your cash flow on that is way too thin to make a refi an economically feasible. 

However you need to make sure you also understand how to maintain the entity if you're going to go that route.2) Look at the numbers on the market - employment growth, population growth, rent growth, economic diversity - things like that.

Cities have economic development departments, or the like, which publish all sorts of data on demographics, income, housing, schools, population growth, growth, employment,  and a host of other data.

However, the saturation is occurring at a time when there is a growing consensus that an economic slowdown is in the future.

Also, your economic vacancy, repairs and maintenance and CapX will all be much higher than any rule of thumb.

https://www.whas11.com/article/news/local/trifesta-economic-impact/417-4cf0b6d7-53be-4ad5-9c34-efd7a78bd50c?

Following conclusion of the lawsuit, purchasers were able to obtain financing within the building and prices recovered along with the greater market economics.