I had clients in Vegas and PHX who had 4 plex's lose 100% of their tenants for extended amount of time then lose the 4 plex to the bank.. where I see this irrational exuberance is the high debt load folks want to have on rentals IE max leverage refi till you die and minimum reserves this while in this rising tide is fine.. but slow down or correction could lead to some exciting times and not necessarily fun times.

Who knows, its irrational.  

Many investors expect a 30% discount on deals they have to sift through (per the 70% rule) so he isn't exactly irrational.

I believe a bubble only occur when irrational exuberance occur.

There are people that think properties will go up forever (It's called "Irrational exuberance")I can't predict the crash (3 years maybe, probably farther away than most people think) but it will come and there will be millions of houses on the market where the owner could not sustain the negative cash flow through the down turn.Pick a market where you get MAXIMUM APPRECIATION AND MAXIMUM CASH FLOW.

That is the whole topic of this thread, how do you deal with irrational people like this.

However if  you look to data to support your bubble or no bubble I believe it is largely fundamental driven not IRRATIONAL EXHUBERANCE.

Then your house goes back on the market and you waste time and some buyers, unaware of your irrational first buyer, will thing something major must be wrong with it.

But for those less wimpy than I, it is still doable.I agree with you 100% about the irrational property tax assessment process and rates in Baltimore City.

The market is highly inefficient, people act irrationally much of the time, many variables are hard to quantify and don't get me started on rehabbing or tenants.