Tenants arguing with me changes the dynamic of the agreement .

But a particular city within the county has experienced significantly higher rent growth than other similar cities in counties with growing populations but stagnant rents for the past 20 years (an extremely common trend in the midwest, prob not columbus though).Then there's the "that city's population declined 10%", but further investigation shows an environmental crisis caused 10% of the housing supply to be deemed uninhabitable in the area... causing a population to decrease, but a massive surge in rental demand and market rents, but not an increase in value because investors see a surface level statistic without truly understanding the market dynamics, or looking at direct indicators of an asset's performance (rental demand) instead of indirect indicators (population growth).That last situation has actually happened to me, and I managed to grab over 60 small MFR buildings at  15-20 caps over about 2 years and sell them at 10 caps.

As you move slightly north of there, you have similar dynamics, but the pricing is a little better.

Someone could technically live in it, however it is not visually appealing.

That's when you need to be able to visually inspect and even test some of the parts to identify an issue (like the flame sensor or the ignitor).

@Jason Bohling Good question about affordability, many dynamics at play there.

However, home price dynamic are much more complicated than that, in the past, home price declines are marked by increasing home months supply rather than fed interest rate and mortgage rate5.

I added the picture because its easier to visualize the area when looking at a map.

I'll speak to some mortgage lenders that do both HELOC and Cash out REFI to see if they can give me a better visual on this, the actual numbers.  

The problem is, real estate cannot endlessly increase by such absurd amounts.When I was first getting started and trying to understand the dynamics at work, the basic ways real estate prices interact with people's income and things such as inflation probably would have been helpful information.