Even with out prices rising we still have a very low entry point compared to most markets.

Major retailers spend a significant amount of money and time scoping out areas for stores, so if you see a Starbucks pop up in a neighborhood, you can bet the company has sufficient evidence to believe that the area is on the rise.

A 30k discount from an inflated listing price? 

I consider myself lucky as I have a very good job as a Superintendent for a high rise residential builder in the Vancouver area.

Call the seller and find a good time to see the home with your GC and the make a cash offer but show the seller what it will take to fix the home and please don't inflate the rehab cost.Joe Gore

Rental rates are on the rise all over the golden horseshoe due to increased demand. 

The owner wants to make a buck on the sale with the rising market, but doesn't want to do the work to fix the place up in order to justify a rent raise.

And the rise in the stock, etc. is analogous to the market appreciation?

After construction however, the property value should rise, as the street widening and soundwall are much needed in the area and should improve the neighborhood value. 

Example: All in cost of $ 100,000 Real appraised refinance value not inflated value of minimum of       $ 130,000.In todays market you can still find area in chicago suburbs with reasonable taxes, very low crime and close to 20% cash on cash return with equity and stable communities.