Painting the pipes I learned when I started lending money in Detroit.. and they painted them grey to simulate lead pipes I guess.. but white works as well. 

It may be a simulation but certainly not a movie or a song.

Pleasure @Simon Thomas.This is for @Robert Downs to comment.What we have been doing to simulate the BRRRR method is creating company entities and selling the property from one entity (usually the developing part) to another (the property management part).

I'll re-due the simulation with both units and update the numbers.

Btw whoever simulated these changes in Fed office, is extremely genius.

That's the same simulation that posits if an axe-murder asks you if your family is home because he wants to kill them, you must answer honestly because lying would be immoral. 

@James Peterson has the best answer here especially in this part ""but in the long term, your rate of return will be much less than here in California".I actually did a simulation comparing this two outcome, so hypothetically if you have half a million and invest at one MF in CA and 10 Midwest SFR with 1.4 rent value, the IRR and total 5-year return could be the same because the rate of appreciation in many cities is still 7-10% whereas midwest is 2-4%.However, the actual probability of achieving these numbers in reality, within CA the number is actually much achievable because the appreciation and job growth in CA is more deterministic.What I found is if you can find MF in CA that has cap rate at least 7% and you can rehab it, you're doing good in terms of appreciation and cash flows.

Although behavioral patterns can be used to simulate or predict when anyone is in foreclosure or is likely to BE in foreclosure, as I said before, foreclosures and absentee owners and etc. etc. doesn't induce motivation.

However, a lot of simulations I did with apartments give me <$100/month cash flow at ~$900/month rent.

Cash flow and appreciation.In general, even leveraged cash-flow property can not outperform S&P in total return because their appreciation  for 16 years is so low in term of absolute dollar (due to R&M).While leveraged appreciated market could outperform S&P in many ways, in gross it's similar to be having 15% CD in environment where yield=2% One could simulate this using ZHI.Property that can beat S&P is always always expensive top tier homes price 300K in 2009-2010 and appreciates more than 20% IRR from that time.Once IRR is below 10%, S&P would perform better because its appreciate 7-8% annually ( even better if one absent not to particpate during the bad times).