You may be able to find the same or similar in another market with better growth fundamentals. 

Most of all, economists say, Japan's experience teaches the need to be skeptical of that fundamental myth behind all asset bubbles: that prices will keep rising forever.

I mean I get there's some level of small detail here and there about time on market/holding costs etc that play into the as much as possible but I think the point stands.Wouldn't the process look like this:Wholesaler gets property under contract (lowest price of transaction)Adds assignment fee (lower acquisition costs, more room for higher fee)Flipper/Investor/Someone buys it (at discount of "market value)They add repairs/profit (lower acquisition cost/repairs, more room for profit)Realtor markets/sells it (highest price of transaction)Collects commision from sale of property (based off sale price).I guess my confusion is what makes a wholesaler fundamentally different than an agent? 

You and I can just chat it out with a room full of hungry, question asking, real estate folk.....talk about how the underlying fundamentals of investment, capital, valuation, and flow/cycle of markets.

I’m going to use any means possible to screen tenants how I want while still being in “fundamental” compliance.

There are so many stories of people going from $100k in debt to millionaire status in this time frame simply by executing these fundamentals. 

Unrelated to investing per se but relative to fundamentally addressing the real world practices of effecient infrastructure in residential buildings as a whole is the extreme and profound unwillingness of individual property owners to actually embrace and implement equipment & methodologies to mitigate the "purported" climate crisis.From my myopic perspective having to fight with residential customers who have zero knowledge of thermo dynamic, ohm's law and efficiency measures is highly hypocritical.People claim to care but are closed minded to energy saving and efficient operating homes.End rant

I guess my fundamental question is, how do  you value properties that have rents below market rate...and how would you remedy this problem if you were to buy the place.Thanks ahead of time Jack 

The fundamentals in those cities look awesome right now!

And in general....I've lived in Seattle for all my adult life,  and been a small landlord since 2006.Its true that supply and demand is a fundamental law of economics, and as more comparatively well off people pile into seattle, housing is going to get more expensive and the bottom-barrel housing units that used to be out there 10 or 20 years ago that people who were living solely on disability or SSI or maybe could hold down a low wage job despite issues like substance abuse or mental illness were able to afford is getting redeveloped.