The Great Depression and the Financial Crisis. 

I think he watched too many episodes of cop shows where the person working as a foreign diplomat can get away with anything.

I have a full-time job and a ton of fear having witnessed the impact of the financial crisis as soon as I arrived in the US to go to graduate school in 2008.

Biggerpockets,      What should a rookie do to prepare for and profit from the coming economic crisis?

Appraisers (along with others) ****ed up in a big way leading up to 2008 crisis, so they are being conservative.

I would have been way ahead if I had paid attention to increasing my Wealth with my Rental Houses and Duplexes before the Economic Collapse of 2008, with consolidating into a few Commercial properties and not having all my Tenants lose their JOB's the first two weeks of the Crisis.

This home was stolen from the Black community in the subprime mortgage crisis, and it's been sitting vacant for nearly years," said Walker in a November press release.The last sentence of the article did surprise me - "Law enforcement were ordered to forcibly remove any occupants of the house if it is not vacant within five days."

If you look at the photos though these particular garages were stripped down to their frames, which would definitely explain the cost.https://www.presstelegram.com/2019/07/12/a-long-beach-housing-crisis-solution-could-be-spelled-a-d-u-and-its-not-just-for-granny/

Unless, in theory, in that particular market, a 1000 3/1 SFR w/ an ADU actually sells for more than a 1600 sq ft 4/2 SFR.Depending on how this housing crisis continues to pan out, we may just see that day.

Before the financial crisis in 2008, it was not unusual to get a 30% cash on cash return.