I don't think it is fair to make the blanket statement that since values went up dramatically in Hawaii, that you would expect the same everywhere.

Issues like zoning, and environmental concerns can have a dramatic effect on what can be done with the land.Then you have to asses whether there is demand for the best purpose of that land.

BTW Its not that I wouldn't buy, its just that I by fixer uppers and the scale of whats generally needed is dramatically different.  

And it is still not dramatically below market.

Then, I would buy a home that you can "house-hack" and cut your expenses dramatically.

With the rents increasing dramatically in Rutherford and Davidson counties, even finding 1%-rule properties is a challenge.  

take twitter for example who is allowing their employees to stay home and work form home forever if they want to. they will probably downsize their offices dramatically leaving it vacant for someone else. imagine being the owner of those commercial properties. what if more companies are doing the same?

Similar to the Bay Area, Los Angeles has started to increase dramatically in price.

The difference is that because since they bought the rents came up so dramatically and cap rates compressed so severely, they typically don't have to do major renovations to achieve value.

Once you go below that the DOM start to rise significantly and the quality of the borrower/lender drop dramatically.