Low interest rates and low inventory i believe is creating artificially high prices. 

IF they inject the economy with more money yet again, isn’t that going to impact inflation rates and create an artificial bubble?

That would help the retail market from taking as much of a dive, but the foreclosure auctions will still likely have more deals than cash bidders, driving down the prices.The low interest rates are tempting many to refinance but if the market drops from a flood of inventory, you could end up owing more than the property is worth, for the time being, since the high prices are sort of artificial from the low interest rates.

However, it seems like there are so many factors that could artificially inflate/deflate the cap rate for a particular property.

That could be neglected repairs, dated kitchen, bad landscaping, doesn't show well for any number of reason, don't want people walking through their house opening drawers and medicine closets, complicated title, probate, they've taken a job elsewhere and have to move quickly and a host of other situations.Sometimes you can spend $5,000 on mailers and get no phone calls.

Governments (and residents) across the state are extremely anti-development, artificially limiting the supply of housing, keeping prices the highest in the country, and preventing anyone but the wealthy from buying a home.

Of course, a lot of that is artificially inflated by the mortgage rates, but all in all, I'm extremely happy with the purchase.

People will always need medicine and education so safe to say these industries will find a way to survive and thrive post-covid. 

I have had interest in real estate, however the Covid-19 pandemic and the subsequent financial strain it caused, taught me that I cannot rely on medicine alone as the primary source of income to provide for my family and I.

This will be essentially like option 1 above, but with possibly more convenience and ease for the tenant.I advise against building the water/sewer into the monthly rent amount; always keep the two separate, even if you are using a flat fee as described in option 3, because otherwise when you market the property for leasing, you will artificially inflate the rent.