I'm fortunate that all of my units cash flow and are fundamentally sound, so my short-term goal is to cover my expenses.

No doubt is a violation of fundamental constitutional rights.

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.   

If your goal is long term buy and hold for cash flow, you want a market that not only cash flows well today but has solid economic and demographic fundamentals which is important to long term asset value.

And then, there are those who have "gold rush fever" and don't understand the fundamentals and are going to lose their money.

The reason for that was that I felt the market fundamentals were (and still are) really shaky.

In addition to the job market, strong education fundamentals, Raleigh is also two-hours from the beach and mountains. 

@Victor S.Yes this is another great point.How the Fed measured inflation is a topic of great debate since anecdotally, many have commented on increasing prices that are very palpable but the fed continues to rely to metrics like Core CPI that don’t seem to reflect this.The disconnect is interesting but I think Jay Powell is very attuned to this and he’s spoken multiple times about how inflation and productivity can be measured in the internet era.But fundamentally I think when the majority of jobs have become non-union, workers have very little negotiating power and so a primary driver of inflation like wage growth may remain stagnant for a long time.