@Christopher DavisOne thing you have to remember is everyone is commenting based on the lens they are used to.  

There's a podcast on this site that talks briefly about the nuances of the lens that could remain with the property even after the auction.

Listing agents will always sell you what they have and buyer's agents are not investors (most of them) so they look at the market through a different lens.

Most recently I've shifted to a fund model.From the lens of the sponsor, the reasons for my shift were threefold. 

Your perspective is a great lens to look at my prospective markets through, and I’m going to research and consider each of the variables you described for the markets I’m considering.

@Len H.

These metrics are related and interconnected but are quite different. if you are new to finance and only looking at these things through the lens of someone with say one bank account and a small balance sheet, it's def harder to appreciate the gap between them. 

These would probably be looked at under a much different lens so it's difficult to answer that questions as it is asked.

They look huge or its just the camera lens that throwing it off.

I think much of this relies on a few assumptions and should be viewed through the lens of where we think the RE cycle in PDX is heading in the short/mid term.