IMHO, the cold hard reality of Raleigh/Durham and the immediate surrounding suburbs is that it's very much a hot sellers market and my guess is that prices are at or rapidly approaching the top of the current market cycle.

If you also add into the equation the  higher than almost anywhere income taxes California is rapidly becoming a no bueno state of the first order for the cash flow real estate investor. 

In addition, the right purchase allows you to force appreciation and rapidly accelerate your wealth growth through a sale and 1031X into a larger property if you do choose.

That's just looking at the negative side of a rapid appreciation really.

Jax; Duval and surrounding counties ( Clay to St Augustine are rapidly changing, massive town center plans in south, + toll road plans, great areas for living, finding gems to flip, wholesaling per Jax rei great..)just some extremes..hazards..certain zip codes for rehab flipping are not for newbies due to crime, - per my "we buy ugly houses" friend he did his first 09 zip, finished it, everything internal gone, he redid it, stolen again, , chained the AC down in iron cage, and still was cut, hacked into and stolen, plus water heater, appliances, third time hired a 24 hour security guard while on the market, ....i've heard a sort of similar story several times recently..- govt. permit targeting by county has become big issue like never before..militant,,theyre driving around for investors...surprise inspecting...per insurance co. pressure.- I heard famous injury attorney on my church radio today )if I understood correctly) advertising to file for lawsuits related to pipes older than 1975 not being re-plumbed by investors..so no shortcuts..extreme diligence.

I believe even more industry will immediately start flooding here and we will see rapid appreciation across the board from commercial to residential.

Growing consumer spending over the past 30 years led to rapidly expanding service and financial sectors both of which will now contract for years to come as overcapacity forces players to downsize.Chart 1: US GDP Growth VolatilityThis will again lead to higher corporate earnings volatility which will almost certainly drive P/E ratios lower, making conditions even trickier for equity investors.

That can be like a cancer that will rapidly spread.

I'm about 15 days away from investing in my first rental unit in Grand Rapids MI and starting to have second doubts about this place.

In addition, with the socialists proposing universal health care, and President Bush enacting the Medicare drug benefit, the timetable for our country's bankruptcy is rapidly accelerating toward us.