I know how difficult dumbing down more sophisticated metrics can be, so I'm sure you are well aware of this and just used the wrong wording. 

This is the low end of a hands off ADU other than converting existing living space.The more sophisticated value add people are still leveraging non-optimized zoning.

People's perception - 2008 is what a lot of people consider to be a normal recession as that what they remember. 

My perception about Raleigh-Durham is the prices are higher because there's more competition, but I'd love to know if I'm wrong.My goal is multifamily properties with 6 + units to start.

I can see this working for sophisticated sellers for sure and nice set up kudo's on that.

They are sophisticated and have very large teams of people with very fancy degrees who study credit card spending behavior and patterns.  

Now add internet and connectivity because as much as one can live without it perception is that one can-not, and there is societal truths to that. 

More "sophisticated" investors will hold, flip, or wholesale depending on the nature of the deal. 

Most investors have not much experience and have ability to do proper due diligence, but...some of the lead in those forum are so good (and way more sophisticated than BP) to do proper DD.Although however I found discussion for CRE that's merely generating 7% income and single digit IRR with high risk of default is going on for very very long time.

Contrary to the perception of being a last resort, they provide stable, affordable living with amenities.