, and that makes sense (protecting yourself, that is), but these folks with tons o cash can take the gamble on those crashes in a market like Bozeman, where there's just so much pressure to live and be invested there... and theyr'e doing OK!  

Sometimes the pressure to make money can force you to gamble and I think that's where I was headed on this one. 

That type of "investing" is actually called speculating, and is not much different than gambling.

In this market, investing and paying market prices hoping for appreciation is gambling.

Sorry, but what you describe reads more like gambling.  

These will all be walking distance from the property.My hope would be that the chance for appreciation would be enough to make the lower numbers make sense, especially seeing how property values have risen in the surrounding neighborhoods where the walking path is already completed.My question is, is it worth the gamble to solely rely on future appreciation to make the deal make sense?

I know betting on appreciation is a gamble but it is a bet I am willing to take.

I have considered them before as I like Vegas but I think you have to go there a lot to get your money's worth and most people that go there a lot are gambling and thus getting comped rooms anyway so they don't need to pay for a room.  

Int his type of situation I would be aiming to incur some but not all the costs of the uncontrollable circumstances.You don't want tenants who don't want to be there.

Some of my clients lack the patience to find a good deal and would rather gamble in single stocks than something they have more control over.