The x factor is foreign events and how the markets react to interest rates rising.

Additionally, what could happen if the currency continues to be devalued at an ever increasing rate, making it hard for our tenants en-masse to pay their rents since the bulk of their worthless cash would be going to food and energy costs. 

Did someone got ITIN For a foreign investor and can shed light on the process?

This is the end of the dollar reserve currency. 

Foldvary observed that crashes tended to happen every 18 years in America starting when land first went for sale in 1800, 1818, 1836, 1854, 1869, 1887, 1903, 1924, none in 1942 because of WWII, 1970, 1979 due to Britton Woods currency collapse and then 1990.

For example, Manhattan did see a drop during the financial crisis (the worst since the 1930s) but only temporary for the simple reason that many Americans and foreigners believed (and continue to believe) that such prime real estate markets will not drop much and bounce quickly - and that has indeed been the case. 

@Nick JohnsonWelcome. 6 of the top 10 markets for foreign investors are in FL, several top 10 for student housing are in also.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

but more out of a lack of options than the strength of the currency. 

Finding cash flowing deals around Seattle is very competitive now and there is a ton of foreign money pouring in but I'm always looking. 

The challenge with historic properties in Shanghai: purchasing power is limited to people with particular Shanghai IDs, so foreigners and other Chinese nationals who are not from particular districts within Shanghai are unable to purchase historic housing.