The area has gentrified in terms of economic class and has a strong demand due to its proximity to the train line.

Hi All,11/07 was the first time we were at auction physically, though we had bid on few properties in the past online .

@Kelly Farley, is your 10% vacancy just your physical vacancy rate?

So even as people are buying (highest levels of consumer confidence), we just don't need as many physical retail stores or restaurants anymore.

I don't want to end up getting a reputation for retrading after the face, but I'm sure that I will find at least a few surprises, when I go through the documents and the physical inspections.NumbersPurchase price $875,000Units 19 2 BedroomC Building, C Neighborhood, Low crime, Rural within driving distance to metropolitan jobsGross Rents (Rent Roll) - $10,600/monthLess 5% Vacancy  - $120,480/yearManagement @10% = $12,720Legal, Marketing, Administrative (My Estimate) - $1500Landscaping and Snow Plowing (Pro Forma) - $2,631Other Maintenance and Repairs (Estimate based on 10% total M&R) -  $11,481Utilities (Common areas only Pro forma) - $1,069Total Operating Expenses - $52,013Expense Ratio 41% of gross scheduledNOI - $68,827Operating Cap at Purchase Price - 7.87%CapEx Reserves (Not included in NOI) - $300/unit per yearDoes anything seem out of place, based on these numbers?  

Less competition compared to MLS or short deals because of strict terms of the foreclosures (being physically present, having the cash available, etc)Cons: You can lose ALL of money if you are unlucky and didn’t conduct some thorough due diligence.

This can allow you to look in different places that you may not have considered due to proximity and location. 

,When you register your LLC, you have to put a physical address-- and your name,  so if you google the LLC,  the state registry will likely be the first thing to come up.. so don't think the LLC will make you hard to find.   

I think there is a lot of potential in the area given the reasons you've already listed, location (close to the freeway and SF), millennial's rental preference, proximity to public transportation, etc.    

I invest in the city where most tenants are childless or have non-school aged kids - proximity to their job is important.