It depends on the neighborhood and the artificial barriers.

Many locals feel that the time has come for the feds to continue to clean house at city hall, including the licensing/permit office who, at the direction of the former Mayor, has kept many qualified contractors from doing work in the city (if they didn't know the 'right people') which in turn caused repair, maintenance and construction prices to remain artificially high for property owners.  

That means we are basically using up the limited supply.Bitcoins are an artificially limited resource. 

After this initial surge in refi demand that is artificially inflating mortgage rates I think we will see sub 3% on 30 year fixed rates for primary residences.

The truth is that the offer was artificially inflated.

I personally don't see why rates can't stay artificially low and suppressed by the Fed for decades to come, seeing as even the government is addicted to cheap money, and can't afford a rate hike on their massive debt, and the Fed is deathly scared of housing crashes, and inflating our money into oblivion is part of their plan.

Artificially low interest rates and super low supply of homes is what is driving the market up. 

Forget 10% and 15% - - it all depends on the location and the property.I ran a 6-plex for 19yr (see profile) and made lots of ROI that was less than your artificial goals.  

Every other period in time, land closer to downtown has been worth more than land farther away, so this is more like a reversion to the historical norm than an anomaly.In terms of financing creating artificial demand, sure, it happens, but demand will always exist regardless of interest rates.

I used to invest a lot in private money notes, and late last year was looking into turnkeys, but am leaving my law firm gig and now all my money is going into my new company (which uses artificial intelligence to automate the drafting of legal document for small real estate syndication/private equity funds!