For example 15212 includes multiple different neighborhoods ranging from C class 100k homes all the way up to A class 800k homes in the same zip.

Quote from @Nick C.: No guarantees in life except death and taxes.

In Middle TN and TX, target C to B areas with rent upside and cleaner ops, and partner with operators who already manage there.

I like the asset class IE not C class in the deep south.

@Laura C.

The a/c unit went out in one of my  studio units and the replacement is on back order. 

Keep it simple: pick one stable, landlord‑friendly market, target small multis in B/C areas with light value‑add, and insist the numbers cash flow after vacancy, taxes, insurance, PM, and CapEx.

For example, for capex I will look at estimated life expectancy of things like HW heater, A/C, appliances, roof, windows etc.

@Caroline C.

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.