I understand the concern about a bubble but from what I've read the population dynamics alone don't seem to support the idea of a bubble here, but who knows.

Math cant discriminate.Attached is a visual of the equation I mentioned (click on it to enlarge).

When you live in a small town, it creates a different dynamic to buying there,  because it's your own "backyard" or neighborhood.  

South Florida, especially in Miami is an extremely competitive and dynamic market There are tons of opportunities for flips, you just have to be the first one in, be able to close quick, and sometimes assume the risk of a projected lower margin.

Well if you have no deals, I think the “visual” will give you respect from sellers, and you want to close on the first visit, and you don’t want to waste your time, you had better put a lot of effort into how you look.For women, business suit, white blouse, or red blouse or blue blouse.Look like a banker or financial planner.

@Shetal Gandhias a programmer, you are likely ahead of most REI folks in terms of what you can do with data.mash yourself a simple geodatabase from redfin csv's or assessor shapefiles. get up on qgis (20 minutes) and make some visual databases for your programmer self.

You would think that we would start having these discussions sooner than closing day, but we have a tough time visualizing everything until we're walking through it with no tenant, no furniture, no agent hovering and the ability to really take our time and just hang out in the place for a couple hours.The way I handle it is this.  

I've estimated the rehab for more moderate priced homes but I suspect a luxury home is going to have a dynamically different rehab cost structure, and as I've stated I'm curious to know if there is a way to estimate a prototypical rehab number for a luxury home.To your continued success!

The problem with most investors is that they are working with a limited skill set, but trying to survive in a dynamic environment.

Generally i am a visual person so the scenerios are so appreciated.