I also saw the rent being marketed was really at the top of that neighborhood, and the proforma expenses were artificially very low.  

Takoma Park in particular with their low threshold of 2 units creates these artificial ghettos where all their multifamilies are located.

Property flipping becomes illegal and a fraud for profit scheme when a home is purchased and resold within a short time frame at an artificially inflated value."

The cap rate in the listing and marketing material was based on rental income that was artificially inflated.  

These artificially low rates, all they've achieved, is building another bubble in many U.S.

So you wonder if these guys are artificially pushing the market up and later if they decide maybe they paid too much if there will be a rebalance of values.

Also, to answer where I think we are in the cycle: I know this doesn't answer your question, but I feel like the market is artificially inflated due to the interest rates being so low. 

The global economies have such weakness this artificially elevates the dollar.

There is low rental inventory and rent is artificially high because condos dominate the market (only20% can be rented in a condo building).

For example maybe the issue is not that the landlord is keeping rents artificially low but that walking on the living room floor is like walking on a boat and there's significant functional obsolescence throughout the assetLandlords do often keep their rents artificially low, but if you were a lender you would agree that someone throwing good money away is also a little insane and potentially suspect.So these are just a few of the reasons that you and/or your lenders and investors are forced to value your target property on how the property is actually currently performing.On the other hand, as opposed to doing a single valuation you should be doing a full pro forma.