Not this year or last year, but the long term averages over the last 30+ years, certainly long enough time period to capture both up markets and down markets and being careful not to cherry pick your start or end dates to be an up or down market.If after underwriting with those averages and other reasonable projections you still like the investment under nominal scenarios, then you need to stress test your investment to make sure that under any bad (but still somewhat reasonable) circumstance you have the intent and ability to hold onto this property, or at the very lease have multiple exit strategies to sell at profit if you need or choose to.

Yellow paper, red ink...its been tried and tested over and over again, stick with what works. 

I may be interested in building there as well to test the waters. 

Hi @Robert Verdi I'm a newer investor and just passed my salesperson test.

A few things to note:1) I live in NYC but am looking at Allentown, PA. (1.5hrs away)2) I am not able to make PA my primary residence due to the high-intensity of my work.3) I have about $50k total for down payment + closing costsWith that said, I am weighing my options for my first investment.

Our business is capital intensive.

One of the sides was not as bad as the other so the less intensive side is moving along quicker then the other.  

@Nicholas Armstrong intense words of wisdom and motivation.

Most states have specific tests as to what it takes to pierce the corporate veil.

Since I was in Texas and planned on staying there I found out that I was qualified to take a test for a broker license so I took the test and got my license but have never done that full time.Regardless of what I had I felt more comfortable with the construction business.