I am getting the feeling that the play is appreciation here.I am also looking at doing STR in the Midtown/Montrose area for cash flow.  

So off-peak just to play devils advocate.The reality is no one can afford houses at these rates, no one can afford to cut a check to get out from underwater if they re-fi'd in 20-22.

There are a lot of factors that come into play.

I think most people in the country would rather be on their phones playing video games and getting that dopamine hit than actually putting themselves out there and doing hard things.

If you are just analyzing anything to crunch numbers, it's just like playing a video game.

It definitely present with its own set of challenges especially in certain C class areas where tenant turnover or rent collection can be tougher but if you're doing your due diligence on the specific street, rental comps, and crime rate, you can find solid, cashflowing deals.Class D tends to burn people, and Class A rarely makes sense unless you're playing a long appreciation game or have a different strategy.

@Collin Hays I am guessing what your seeing is the dynamics of the full math playing out. 

All of these things come into play and now your camera is off line 25% of the time. 

Play with the BP calculator, use a hypothetical 1 million portfolio and see how that plays out over 10,20, 30 years.If you want cash flow, buy or start a business.

The play for the originator entity is the points and fees - usually the asset itself (the note) has to be financed with equity capital rather than debt because the spreads are too thin to lever up unless you have a significant portfolio.