However, as we all know, response rate is merely a way to compare and has no economic meaning in the business.  

I personally believe that the areas that have seen modest, slow and steady appreciation will better weather the next economic storm.  

I'm wondering if laminate flooring might last longer and be more economical?  

One of the statement was "PER APPRAISER, PROPERTY IS INSURABLE AND MEETS FHA MINIMUM PROPERTY REQUIREMENTS.Per the appriaser the Remaining Economic Life is less than 30 years, this may affect insurability." 

. - 20 to 35 units to begin- markets with strong job and economic growth- C/B class property and location- value add component

Due to the economic crash and the buying trends of 2007, the condo was in bad shape just 20 months ago.  

Or having the other economic indicators would suffice.

Everyone  knows about physical vacancy, but many new landlords forget to consider the more insidious problem of "economic vacancy".

@Joshua MccaffreyYou can underwrite a property without knowing - or even caring - what is the local CAP rate.Using the actual financial data obtained from the vendor, market information you have learned (clientele, rents, economic vacancy), perform a full {discounted cash flow analysis} of the property and determine the {M}IRR ... you can be conservative, assume no market appreciation, and underwrite solely based upon cash flow and forced appreciation (increasing the cash flow of the business, increases the value of the business).

I am not sure if using a RUBS company will be economically feasible for only 5 units, but you can always do it yourself or simply implement a flat water fee equal to 1/5 of what is left after you deduct for common area water (which you may or may not have).