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."

But I digress.I think spending 13+ years specializing in medicine is a big risk, its "going out on a limb", and causes plenty of fear and uncertainty, just as someone jumping into real estate or a start up.

And abrasive as it may be to you...that's just common sense to most.I'm in emergency medicine...after paying for your health insurance....how would you like your doctor to get halfway through a procedure only to say....uh sorry that'll be another $xxxxx to show you how we finish this heart transplant...or is that his right too?

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).