As for me, my market is very volatile and extremely expensive, and honestly I don't think it's a good place for me to start my investing career.

Because if you don't have deep pockets, or lots of other ground to offset the loss of one piece , weather, drought, bugs, disease, market volatility, and increasing overhead prices can take you down fast and with no remorse.    

It's an option for the future.. 2) City & Fed govt spending about $200MM improving the corridor and adding excellent transit a block and a half from property3) More volatile price - Land prices are volatile.

The more volatile and active the market may be the more that can influence pro forma estimates, if it's the only large grocery store in the area, there will be less concerns as to alternative uses and change of use.

Some areas have much more volatility.

Often comping these old houses, especially if its a Waldo as @Ben Leybovich discussed in his most recent podcast then the value could be extremely volatile depending on who appraises it. 

Is more cashflow via more properties in a more stable, slower growth market like tulsa better or is lower cashflow in a more volatile market with opportunities for rapid appreciation more what interests you?  

It is very possible to have a lot of volatility in you income.    

@Jason Panick You are in CA and real estate price volatility is unlike very many other places, but there's absolutely no way that I would put 8400/year of negative cashflow into a property. 

The stock market is too volatile.