@Brian SinghMy guess is SF price will be down 10%-15% by 2022, so I am on the sideline..That said, my observation from 2009-2011 is that by the time the market hits the bottom, the listings are all bad - bad locations, bad floor plan, bad whatever....So if you want a quality property (like me), you might have to get in sometime in 2021 before the market hits the bottom, and be willing to pay a bit more, knowing the price will drop more...

I attended one in January just to observe the process.

In fact around here the number of older people looking for $450-$600/month rents are trending exponential.I have observed so many older people living in unhealthy disgusting accommodations because they can't or will not afford better.

Occupancy limits must still be observed, however.

I would say basement condition should have been observable as well. 

The  kind of gains we have observed the last few years are way above the long-term 2%/yr national average -- an average that pretty much just keeps up with inflation.  

Just my observation and preference.    

I found out that one of the tenants (family with one kid and another on the way) earns more than I do at my job (they probably make between around $45k between the two of them), and in the other unit, it's a couple with 3 kids and a dog, where the mom works full time (in a department store) and the dad goes to community college and gets stoned at home during the day (but I have no evidence of that other than personal observation when I repair stuff over there).The point is, as each week passes and I lose money paying for the loan on this property, I feel PWND.  

Just a few observations from someone who did this repeatedly over a 24 year active duty career:First, owner-occupied financing helps a lot, but as others have said above, the numbers still need to work.

Your observations are well taken.