There are three “STR locations” in San Antonio:Around the three military bases (one has the largest military medical facility in the Department of Defense)Downtown - which is also close to the military medical facility One of the military bases is the basic training for the Air Force, so there’s a weekly rotation of visitors.Let me know if you want to research this market further.I wish you all the best.

Then they spend it on infrastructure, social programs, defense contracts, foreign aid, etc which is all fine until the contracts are jacked up in price and go to cronies for kickbacks to the politicians families.

As the market matures defense becomes the new offense. 

BTW, even using that same 2% appreciation as in the tertiary market, your return multiple is still around 4.5x-5x.Sure it looks awesome to find a solid cash-flow asset, but cash flow is defense against capex and maintenance.

"Take what the defense gives you."

The only silver-lining is when I go to argue down my property taxes their defense of 'you got a great deal' is shot down when I give them the paperwork with the low appraisal. 

The tenant gets defensive and says they didn't see a "no monkeys" clause in the lease and that you have no right to tell them what they can do in the property and that technically the monkeys "aren't pets" and sue you for wanting to enforce the lease.

Sometimes, just having that conversation can go a long way instead of slapping a notice on the door, which can cause someone to get defensive or angry.  

It used to be that if whatever your wrote about a person was true, then that was a perfect defense.  

On my investment projects I look at DIRT FIRST(location), then building, then tenant.You already need a defensive plan going in and a WHAT IF for options that pencil out and still make a profit.A harder one I have seen is a Sonic.