@Toby Jurging I think you have to be careful in "speculating" on what the market with do when Amazon builds in your city.

I don't want to speculate here but some sort of crisis is possible.

People hope the appreciation will be worth it but we're looking for an investment that's less speculative. 

It really is intended to target speculators with deep pockets who,  as noted, are not concerned about cash flow.

If you are interested in speculating market appreciation in the Triangle, S.

It's a constant game of speculation and then pointing fingers when your assertions play out or fail to materialize. 

I think that earning $100 a door on a 20% down property is not overly speculative.

That will change as the dynamics of speculative real estate investing will change.

The rest is uncertainty premium, speculation and growing demand.The higher oil prices go the better.

Appreciation is assumed to be zero. 2% rule of thumb being the test case.If people are in development or other aspects of the business the numbers are different and different variables drive the return.If people are 'breaking even' on a monthly basis (common strategy in high priced markets) they are seen as being speculators as they do need positive appreciation before there is a return on the investment.