Most real estate investors buy in their own backyard. Bedrock doesn’t. We follow the numbers — and when a market stops producing, we move. Here’s an honest look at where we buy, why we buy there, and what actual client properties have returned.
Past performance is not indicative of future results. All case study figures are drawn from actual client annual reports. Individual results will vary based on market conditions, property condition, financing, and other factors. Nothing on this page constitutes investment advice.
Bedrock uses a single filter above all others: the Gross Rent Multiplier. We target markets where a property’s monthly rent is at or above 1% of its purchase price. It sounds simple, but it eliminates most of the country immediately.
Northern California, Seattle, Portland, New York — these are beautiful markets with strong appreciation histories. They also have GRMs north of 300. At that level, the math is permanently broken. No amount of rent increases or appreciation can create real cash flow.
We buy in markets where the math works from day one — not markets where you hope the math will work someday.
We won’t buy in a market where the GRM exceeds 160. Under 130 is our sweet spot. Under 100 is exceptional.
Eviction timelines, tenant protections, and local ordinances directly affect your cash flow. We prioritize states with predictable, landlord-friendly frameworks.
We look for markets with sustained migration trends and diversified employment bases — not single-employer towns.
When a market we’re in starts approaching GRMs that no longer work, we pivot. Our market list today may not be our list in 18 months.
These are markets where Bedrock has operated long enough to have real annual report data from client properties. The case studies below this section come directly from properties in these markets.
Our most established market. Strong rental demand from medical, logistics, and university employment. No state income tax on wages. We’ve operated here long enough to show you the full picture — good years and tough ones.
See case studies below
These markets meet our GRM criteria and we are actively placing clients here. We don’t yet have full annual report cycles on these markets to share as case studies — we’re being transparent about that distinction.
Arkansas State University anchors steady rental demand. One of the most landlord-friendly regulatory environments in the country with lower entry price points.
One of the fastest-growing metros in the Southeast. Strong financial services and tech employment base. We target suburban submarkets where GRM remains workable.
Stable market with diversified employment and consistent population growth. Strong long-term hold profile with a landlord-friendly legal environment.
Florida’s zero state income tax benefits both landlords and tenants. Ocala offers better GRMs than Miami or Tampa while still riding Florida’s migration tailwinds.
Lower entry price with strong rent ratios. New construction inventory means reduced maintenance costs in years one through five — a meaningful advantage for out-of-state owners.
These are real annual reports from actual Bedrock client properties in the Memphis metro area. We’re showing you the full picture — including one property that had a rough year on cash flow. We believe you deserve to see both sides.
This property hit its stride quickly after acquisition. Operating expenses came in at $4,256 for the year — well-managed with no major surprises. CMA-estimated appreciation added $20,643 on top of strong cash flow, pushing total ROI to 17.87% in year one.
Appreciation based on CMA provided by listing agents. Actual sale value may differ. Past performance does not guarantee future results.
More modest appreciation than some years, but cash flow was consistent throughout. Repairs ran higher at $1,688 due to plumbing and electrical work — a realistic picture of year-one ownership. Still delivered $12,860 in net operating income.
Appreciation based on CMA provided by listing agents. Actual sale value may differ. Past performance does not guarantee future results.
This property carried a mortgage, which reduced year-one cash flow — but the appreciation story is strong. CMA-estimated value jumped $17,184 on a $147,500 purchase, a 42.82% appreciation ROI. Combined with cash-on-cash and depreciation benefits, total ROI reached 57.45% in year one.
Appreciation based on CMA provided by listing agents. High appreciation figures are not typical and should not be used as a projection. Past performance does not guarantee future results.
We’re including this one because honesty matters. This property had negative cash flow for the year — a -$311 net operating income. Why? Vacancy in the first month, a higher mortgage payment, leasing commissions at turnover, and a cluster of repairs. The total ROI of 30.30% was carried by appreciation and principal paydown — not cash flow. This is a real risk of leveraged real estate investing, and you should know it exists.
Past performance does not guarantee future results. This property illustrates that not every year will produce positive cash flow. Results vary significantly by property, financing, and market conditions.
Every real estate investment involves risk. We think you should understand those risks clearly before you make any decision. Here’s what we tell every client before they invest.
A market that produces a GRM of 110 today could be at 160 in three years as prices rise. We monitor this actively and adjust, but we can’t control market appreciation cycles.
Every property will have vacancy periods. Tenant turnover, leasing commissions, and the occasional rough month are real. Our case studies show this plainly.
The appreciation figures in our case studies are CMA estimates, not actual sales. Real appreciation can be higher or lower. Don’t invest based on appreciation alone.
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