To shed a little more light on #4, Atlanta's Westside was one of the hardest hit areas in the country by the foreclosure crisis 10 years ago. A lot of the original, African American population left, and the area still hasn't recovered. A lot, or maybe even all of the increase in prices has come from speculation, rather than an increased demand, but I believe that is changing. The Beltline, Quarry Yards project, proximity to Marta and Downtown are all going to be big drivers, as well as increasing in-migration of young people from around the country looking for affordability, access to transit, and an urban lifestyle.
As a born-and-raised Atlantan, I'm long on the area and my investments demonstrate this. I just think expectations should be real - Grove Park is not going to be Morningside in 20 years. It may not ever be. But I think changing demand patterns from young buyers and renters have the potential to turn these areas into very vibrant and valuable communities - like they historically were.