You get the equity upside and cap compression on the upswing and can refi out with a new loan or sell.

Must be something in the rum over there.A lot of demand was pulled forward during the housing bubble, so Bob's rule probably would have held true under more normal conditions, but 10 years of appreciation was compressed into a few short years from 2003-2007.

You can simply buy a stabilized property at a high cap in the cycle recovery and through cap compression sell and 1031 a few years later for a nice gain.I will give an example.You buy a 100 unit apartment at 50,000 a door for 5 million at a 9 cap.

You can still get value add or equity growth just in a different way through developments, cycle compression, etc.People that make 300,500k, 1 million a year at their job or business do not care about getting 21% returns owning a management intensive SFR rental.

What are your thoughts on buying CRE after the price run up and cap rate compression over the past few years?  

I have also compressed the image using tinypng to about 5.6(I think)KB.

The house has been vacant for several months but air compresser is still there; there are no bars on windows of houses in the neighborhood, it's just a very quiet residential area without anybody wandering on street....I'd love to buy in a better area of Merillville, but can I get it for a similar price?  

New compression ring and nut was all it took.)As I said a while back, renting it wasn't the initial plan, but having a backup plan and everyone here's advice certainly turned this situation around.

Last December/January I did a compressed yellow letter campaign to a single zip code in Austin.  

Sure, the rates are fixed for 10 years for a lot of these people, but can they really make money if their delta compresses to 1.5% (which in reality is a lot less than that...)FED knows this.