Or am I double counting? 

Most people don't count principle when analyzing a deal.  

They can also keep the land and do a ground lease.I usually look at traffic counts for the area and what they are doing year over year.

I'm not sure I would ever count on appreciation in the Birmingham market.

Value can be counted in more ways than just money.

In my market there is no difference in desirability regarding bedroom count- tons of interest in both. 

I think the larger silicon valley companies are increasing their head count in Seattle.

Make sure to count that cost in your ROI calculation. - Regularly thereafter - besides being able to check on your propertie(s), it can also be a tax writeoff. 

I read too many new landlords buying a house, and instantly jacking the rent up on the tenant, too many new landlords making up the law as they go along, too many new landlords that are heading straight to slumlording.But I would still hate for BP to turn into forums I've seen in the past where a group of users who have massive post counts, have a clique going, and berate new users for sport.

@Kevin YooYea for me personally anytime I see someone with an extremely high vote count I am always impressed by them and take my time reading when they do post.