Then you are failing to see the math. It had a better rent multiplier and appreciated more during the bubble, it breaks from conventional wisdom but it’s true. It’s not about relocating here but needing to live here and wanting a particular type of housing that is in short supply in the immediate area. It’s also about looking to target a rental demographic, not a relocating purchasing demographic. When I rented in that development, most of my neighbors actually owned, most were young grandparents in their 50’s and 60’s who wanted to live by their kids and grandkids, there were also a chunk fo divorcees. I’m low 40’s so I felt a little young at cocktail parties, but they made great neighbors. With about 20k kids in the zip code and about 200 total housing units where you don’t have to do a lot of of landscape maintenence, it’s a niche that exists but is unfilled. About half had decent sized back yards, not too big, maybe 30×40 but certainly more than that a traditional condo courtyard, I rented one with a nice back lawn. The dog size restrictions of under 25 or 30 lbs made the ladies with their lap dogs happy, they could walk them within the gates adn not have to have leash wars with big dogs, in the early evening it was a lap dog parade.

And this might interest you paramount, far less criminal activity compared to small, older sfr tracts, so don’t hate cause it’s got the word “townhouse” in the name, trust the math, everything else is just opinion.