The employees who are permanently able to WFH may or may not move - there are a lot of factors (are they single or do they have a family, do they have roots in the city they are currently in, or do they want to move close to family elsewhere/go elsewhere for the excitement of it). 

We permanently lost a few tenants from the incident and waited nearly 3 months for the insurance company to agree on repairs and the materials that could be used to replace things thus delaying getting the units lease and show ready. 

If a lot of companies are allowing people to work from home, there may be less demand for rentals as many buyers are starting to look at more permanent places. 

I have an acquaintance who bought a home in Florida (by the water) and sort of AirBnb's it throughout the year blocking off times she wants to live there while still "living" in NY until she can permanently move. 

Seen some trend, not sure if it will last.Another issue is whether Tech companies would allow employees to work from home permanently.

You have some good suggestions above and I just wanted to reinforce to start working with your permanent lender (the REFI step) before you make an offer. 

If jobs leave the city permanently then you may see prices soften and decline over time.

Does the university shutting down permanently affect things adversely?

@Mike Neubauer I'm a tax lien investor in Arizona parcels, and after a lifetime of living in Illinois and only visiting AZ - I'm making the permanent move in a month to AZ.

The side yard has a permanent retaining wall and a slab.