We will continue to observe the performance of this property and eventually will build a second house next to it.

This is consistent with data from sources like Zillow, Redfin, and the local Santa Barbara Association of Realtors.However, when I go to "Pick Markets" and select Santa Barbara, the median home price listed is $620,000, which doesn’t align with what I’ve observed locally.

And after observing @Benjamin Aaker in action I love how he manages his debt. 

Hi Thomas,Super exciting to read your observations and amazing to have someone as experienced as you to comment REI in Portugal.All my portfolio (only 5 properties) is LTR, from the beginning (2015).

The market isn't going to take off and leave you behind tomorrow--you have time to take this slow and learn, observe, and review offerings without making an investment until you are ready. 

I have 3 properties and that seems to be what I have observed at least with mine in the Phoenix Arizona market. 

A few observations:1.

@Sean MacDonaldI think you summed it up in your observation of your clients, it's very typical here in the valley that the number of transactions will decline right before an election and then those buyers just like your clients will get back in and the number of transactions will pick back up in the months following the election.

Not specific to OP but I constantly observe the pressure investors face to buy real estate.

From what I observed there's bigger income to be made with due diligence to find that property, but with big income can come big risks if you're not careful which scares me so much tbh.