I would say that some of the fringes of the good areas mentioned are seeing a lot of investor activity as prices rise and people try to squeeze the margins.

Find a couple SFH's or townhomes in the surrounding communities that are far enough on the fringe that I can maybe get positive cash flow and still have some reasonable confidence in appreciation over the long run.

@Damian Howard- if you are in to fringe neighborhoods- my realtor just sent me two listings for 2 3unit buildings that have not hit the market yet- they will sometime this week I believe.

There are many victims of these fringe operators.

If one of the fringe operators makes misrepresentations, who can you complain to?

Fact is, the good neighborhoods might not appreciate as much as the fringe speculation plays in the short term but they will retain their value much better in down markets.  

I am not suggesting to buy a home around several vacant houses unless you are going to buy the whole block and change the neighborhood, but buy on the fringe (corner lot maybe or by a major street or highway).

Remember, most are unlicensed and brokering without a license, have no accountability to state boards, operate as fringe operators skirting laws, may be correctly called public nuisances, have no insurance, etc.

.,        The difference which I think most forget to take into account including yourself which suggest it's no different than a mechanic's lean or an HOA doing it or 'professional level of understanding' when you suggest towing a non-paying Tenant's car is that you the landlord/manager/owner have your much higher value asset being controlled by a Tenant which you are fringing about the law.

There are still deals on the fringes of these A & B areas.