The housing stock there is all from the 60s and 70s and aging rapidly.

This underscores the acute demand for multi-family properties in Worcester and the rapid pace at which they are being absorbed by eager buyers.

Add to that the Southern California properties tend to cost an arm and a leg and a few extra fingers, this gets very expensive very rapidly.

Especially if you want one on one and rapid growth.

@Michael Haynes - btw, agree that next year is shaping up to be a challenging one - rental prices here in large CA markets are dropping quite rapidly - a lot of apartment complexes are coming online.

I'm a CPA in Grand Rapids, feel free to message me, I'd love to give some free advice and hear more about your plans. 

We are buying at a or below 70 percent rule in a rapidly appreciating market, hard to beat with new builds. 

However, this is rapidly changing technology. 

Obviously depends on many different factors, not sure what market you’re in but here in Grand Rapids MI, cap rates are at 5 mid 4s.

In my listing I highlight the fact that it is a very up and coming and desirable area going through rapid redevelopment, super close proximity to many things to do, historical facts about the area, etc.