(They concentrate/force the equity into their class B shares 13/18 million so they get 72% of the future capital appreciation at the higher 30% cut, versus 5/18mil at the lower 20% rate) They also seem to be overpaying in this downward trending multi-family environment.

The only thing that would make this market better would be lower RE taxes.

Hi @Rob Tomko, I'm not sure what your entity structure is but our bookkeeping firm (specializes in REI) usually recommends a minimum of 1 checking per LLC, then more accounts at the holding company level (I like the profit first model). 

When the math works, this can absolutely generate strong cash flow with lower upfront investment than traditional rentals!!

Might be worth running a “what-if” scenario at that level just to see where cash flow lands.

And townhomes in Raleigh are a real great way to get in lower price point, easy to rent, and they are often newer and get you into hotter markets for apprec.Happy to share some local insights and connect you with a few folks, feel free to PM!

We're largely leveling out as a market.

But its even worse: while we are listed, a lot of first time home buyers will not consider it, because of the roof, so fewer competing offers, lower sales price.

On real estate, is sales activity down from normal levels?

This also does not take into consideration the properties that pending then fall out due to small minor things to big ticket items.These days you need to have your numbers dialed in and know that you maybe listing 1-4% lower then the next comp verse 1-4% higher than the next comp.