See, MATH, fundamentals ALWAYS predict pricing beyond the immediate short term euphoria irrational people have during booms.

I love the aged listings for this reason, the euphoria is over and they are pleading for something to go to owner with and justify. 

Find out exactly what you want your ROI to be.3- They caught up in what I call the "Flipping Flu" where the euphoria of looking at a +50k  check clouds their mind to the fact they had to work 3-5 months to get there.

It would be rented a small handful of times per year (SXSW, ACL, F1, Euphoria mainly).

@Scott Trench have to agree with @Chris Martin  here though I will say I do understand what you are trying to say and I know people who did buy in the height of the euphoria and actually have made a boatload of money here in NYC because while what they bought was overpriced at the time it has only gotten worse, maybe Denver will be the same no one knows and that is the problem no one knows.  

I got this one Grohe Euphoria system for free from Home Depot thanks to my writing gig with them, but you can get non high-end versions of the same European system on Amazon very cheaply like this one: Bar Wall Mount Shower SystemThese are more difficult to install , but when something goes wrong, you don't have to get into the wall to fix them.

Once, or even while, you have reached this state of euphoria, join your local REIA and get involved!

Builders are scared to hop aboard the "Oh-Euphoria-Housing-Prices-Will-Go-Up-Forever-YAY!"

I think the key is too watch what a lot of people are saying (these people are not savvy investors, but folks caught up in the euphoria of "good" times or melancholy of "bad" times) and do the opposite.

It takes discipline to not follow "shiny objects of distraction" that look good from a distance, but take you off the path to success with a temporary euphoria.