I like your writing style. Professional wordsmith. A 4.5 cap rate would imply a very high quality property. With minimal ways to value add. Except pricing power down the road. A person not in the public domain once told me " In the real estate game you focus on the lowest of the low end or the luxury end. No middle ever!" That said, its all relative to the market. Low end in LA might be luxury in the heartland. Its either distressed in a good location and having a creative idea to increase earning power or just buy luxury and golf. Why are reits so low? I dont' know. On paper reits seem like a better alternative.