1-4 residential for appraisal purposes puts more weight on the comparable sales approach. 5 plus units more consideration is put on the income approach for valuation.The purchasers who buy breaking even and hoping for strong rent growth year over year to create eventual cash flow are speculators and not investors.

I do think a lot of the speculators that were over inflating or at-least having the potential to over inflate the market have moved on and now the more serious investors are digging in and buying good value homes with major cashflow and upside potential.We are all over Houston from Texas City to Willis and Katy to Channel-view, so I do think this is a good sampling.

I'm not counting on appreciation, but if I had to speculate, I'd say these will be at $150-$160 in another 8 months.

I'm not looking to get that speculative and I don't have the capital to just bleed money.

I'm always a bit more cautious, and won't speculate that prices will just arbitrarily go up when I'm doing my due diligence.  

Few years back, most investors speculated appreciation when buying and succeeded.  

Flipping is not investing; it's speculating.

I also have a break lease fee if they want out before the lease ends.This is my first rental so I am just speculating. 

Speculation?

That sounds like speculating on appreciation.