And how would investors capture extraordinary returns if they didn't work the opposite side of the popular sentiment?

Data by zip would make it more apparent.Of course jobs and buyer sentiment are part of also.  

Ditto the above sentiment, been there done that.

I hold no sentimental value to it myself so I'm not afraid of trying to get more then it's worth out of it.I apologize as I do tend to ramble.

Since it's FSBO by a relative of the owner, I would try the tactic of playing off of the personal connection/sentimentality by letting him know you think it's a great house that's worth "saving" but it's going to take a lot of work and money to do that.

I strongly echo the sentiment that you should find a realtor well-versed in the investor side of real estate. 

As far as housing, I believe the sentiment for many will get to where it was in the early 90s in California (Don't waste your time on real estate here).

@Carlin A Guarneri Yeah I share your sentiment I don't want my tenants watched, and besides she knew what was there prior to move in.

@Skyler Harrington, I agree with both @Wes Blackwell and @Bob Okenwa sentiment.

Hi everyone, I have a house that I'm converting from a LTR to a STR - the carpet upstairs (where all 4 bedrooms reside) was replaced earlier this year (so it's almost new) but I'm wondering what your sentiment and experience has been with carpeting in STRs?