Might be an irrational market with anticipation exceeding reality.

I would argue that he actually lost value immediately upon purchasing it because I saw what was coming with the clear irrational exuberance in the Smokies emerging out of COVID. 

This is what Greenspan referred to as "irrational exuberance."  

That logic and view is totally irrational and not applicable.

Deals are slim because competition is high and the inexperienced investors treat these areas like buyers instead of investors and buy irrationally which prices the savvy and cash-flow oriented investor out.

So I study to find which properties are doing irrational amounts of revenue in the markets I am looking at and elsewhere to figure out what type of experience to create. 

Also, do not make any irrational decisions off a whim.

The recent CRE market has been irrational and yes I have seen that.

Sometimes people are trying to get out of things, sometimes they are just plain irrational. 

Nights, weekends, irrational/emotional clients (this last one goes just as much of owner-occupants as it does for investors).