Average growth of Income increase vs house price shows huge difference (sign of bubble)There are many U.S. cities with solid fundamentals (population growth, employment, strong local economy) where I can see potential (still below peaks from 2008s) and decent cash flow/cap rates. 

When economy goes on a downward cycle residential tenants looks for cheaper options.

With announcements occurring almost weekly of new corporations bringing jobs to our economy and new developments breaking ground, Tucson seems poised to finally shed its title as Phoenix’s little sister.I have lived in Tucson for 10 years, I moved to the city to attend the University of Arizona in 2007.

Why is hoarding it in real estate, especially in todays economy, a rational decision when you can eat your cake and have even more cake. 

one house can be somewhat profitable, but you don't have diversification or economies of scale.

The entire area is full of empty buildings, NOT from the hurricane, but from the economy. 

From what you said it looks like people are moving away not moving towards, businesses and the local economy (the college) is also hurting.

(This is reflected in your comments about suppliers seeing 50-60% decreases in their sales prices while retail prices have gone virtually unaffected)Not only will growers be limited to fewer potential customers, but I suspect that a lot of those who tried and failed to get into the industry on the retail side elected to enter on the  supply side for the time being in order to get their foot in the door.So, if my theory is correct, that would mean the current dynamic is causing the appearance of a much lower demand and a much higher supply than you would otherwise see in a completely laissez-faire economy.

You are in a great position being an Amazon employee in this economy and in this market.

Depends on the market, the local economy, the type of property that you're considering (i.e.