It is likely that your property tax is artificially low due to prop 13.  

So that 3 comps is artificially inflated the market,sometimes unnecessarily.The one that's really driving up the price is really inventory these days and/or the DOM.

thanks Steven, i hope the higher recent rates don't trigger a recession, people already having tough time with inflated prices, and consumer is very strong but worry part of that strength could be artificial from the 1 trillion still in their bank accounts from the stimi-checks, which is falling fast

The rule book is here: https://www.fanniemae.com/content/guide/sel022316.pdf The tricky underwriting can come from commercial lenders and their risk mitigation people who have rules that seem arbitrary or artificial.

Cuz that will be quite the catch.are you paying retail against 2 years of rapid (and a portion of which may be artificial) appreciation?

@Bryant Clark I don't know the exact area where you are considering this purchase, but I have seen some investors in pretty rough Denver neighborhoods take 3/4 bedroom units in multi-family buildings, perform a light renovation, and then rent out only to section 8 tenants - because this makes the numbers artificially high -and extremely attractive to the next investor. 

This market is highly speculative and artificially pumped by out of state investors.

This is assuming ARV/appraisal is genuine and not artificially inflated.

But, looking at the natural resources that are close to Portland and the artificial urban growth boundary continue to keep it desirable on the list of places to reside.

I certainly don't see a perfusionist who is not a medical doctor making 750K (the nurse that runs an artificial heart machine in the operating room).