Missoula is still relatively affordable, but the college has been going through a rough patch lately that is likely going to keep prices from inflating too much.

On the flip side sometimes sellers have an inflated idea of what their property is worth.

Inflation will take care of lowering the cost and the benefit.

Everyone is enjoying prices at the pumps at 20 year lows (adjusted for inflation), everyone except for small and medium oil & gas producers that can't afford to continue operating with their existing debt and the price of oil at $30 a barrel.

Yeah, my market is inflated just like Facebook with an 80 PE.  

So, if my investment strategy is to "buy and hold" rental properties for capital preservation, hedge against inflation, tax advantages, passive income (positive cash flow), and the fact that it's a tangible asset and NOT in the shorter-term market where the flips/rehabs trade, then I don't need to worry about the ARV value? 

A goal of "my tenant(s) payment rent will cover my mortgage and property tax and being some extra cash each month if I can" is not a goal of cash flow, that's a goal of alternative savings, inflation hedging, or appreciation.Check around the site, there are thousands of posts and articles that will cover your question!

Asian cash buyers have inflated the RE in primary markets.

(Long Term) What if there is no inflation, but deflation?

So one alternative is to just sit back now that the  machinery is in place and let my tenants pay off the mortgages while I sit back and let inflation do its thing and I go have fun until I'm a multi millionaire in 6 years (at the current rate).