(AKA the brick palace.)

So if you expect that to continue, on a combined property value of $925k that would be $51k per year in appreciation gains, for an overall return of (0+51)/500 = 10.2% per year.That's not a bad return, but it is 100% dependent on the rate of appreciation, and my crystal ball is pretty fuzzy as to what that's going to look like in the next 5-10 years.

I don't have a crystal ball to give you a timeframe on any of this but take it from somebody that's lived a lot more life than you.

I agree with @Chris Sellers that your next step is to begin narrowing down your market choices.My best advice:Be ruthless with the numbers - Be crystal clear on your financial objectives and how you'll measure success.

Amazon is reportedly in advanced talks to open their second HQ in Crystal City,VA in the DC area.Not surprising I guess , especially with Bezos owning Washington Post and would be beneficially for them do be near D.C as far as lobbying etc . 

I think it all starts with becoming crystal clear on your goals and then you can build a strategy to get there. 

I certainly don't think that the bear market will go on forever, but many signs point towards more price appreciation in the next couple years....after that, your crystal ball is as good as mine:) We've pretty much seen 10% price growth every year for the last 8 years, and average (not median) home price at the end of Dec 2017 was 470k.

When I look at a deal, the numbers are so crystal clear and it is very obvious there is profit.

I have a zero tolerance for lease violators and make that crystal clear to all applicants up front.

But keep a record of this, because my crystal ball says this may happen again...