I think its just the mental aspect. 

I do not know the answer but I would suggest you not rely on the anonymity aspect of anything today.

The appealing aspect here is the ongoing population growth and other economic factors.

The fundamental aspect why stock market index can outperform real estate is because(1) with stock market index you invest along with other people in planet, as long as there're more buyer than seller price would just go up(2) is using statistical average, eventually stock market index would perform better than aggregated real estate, that's why a cap rate 3 private REIT can't mathmatically speaking outperform stock index.But then how about all these "Real Estate Active investors" ?

Consider Consulting a Professional: If you’re unsure about any aspect of property taxation or need assistance with assessment appeals or tax planning, consider seeking advice from a qualified real estate attorney, tax advisor, or property tax consultant.

Most newer investments who think they're purchasing a property well below market price are NOT; most likely they aren't accounting for some negative aspects of the subject property.

^^^^^^OMG THIS RIGHT HERE^^^^^^^^^^^^^^^Nothing to add to this but maybe pin this post to the top of BP as it relates to all aspects of real estate. 

That is not scientific at all and would be a pain to look at every day to see if there are short term bookings.   

You can't really control that aspect of the investment, but you can control other numbers and steer the investment to positive cash-flow.

I've read in a book that Real Estate Investment in Japan is often referred to as a "Scientific Investment" because it can be managed with profitability that is close to the simulation of earnings based on prior calculations of yields.