But it's rapid price growth and sales activity could indicate a more volatile market, with the potential for corrections if demand slows as affordability becomes an issue.

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Correct.

And what is your price point, and it sounds as if you're OK with slight to moderate rehab, is that correct?

My recollection is (and insurance experts on BP can correct me if my memory is wrong), but most insurers will only pay "replacement cost"  policy limits, if you actually replace the damaged property.

Educate yourself with resources like The House Hacking Strategy and practice analyzing deals using tools like BiggerPockets calculators.

Additional resources and tools via brokerage.... 

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I believe that the technically correct answer is that they all moved from California to Texas and Florida, whereupon they realized that it gets extremely hot and humid in those places, has extremely variable weather, and large insects, and are now leaving Texas and Florida. 

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