unbiasedobserver,
The reason they have large cash hoards and high 700 fico’s is because they arent running around with ipod/iphones/ etc. They are driving old honda’s/toyotas and saving money to put into assets that may actually be good investments over time. Your realtors advice was good and similar to what I counsel people too. The only difference is that the income multiple has gone up a little as interest rates arent mid 8’s but rather mid 5’s right now so a 3 to 3.5 X multiple is OK rather than a 2.5X multiple.