That could have a significant impact on Real Estate in Metro cities in NC.From WRAL:  "For the sports event industry in North Carolina, this week has been unprecedented and historically bad, probably the worst ever in terms of lost business and damage to our brand," said Scott Dupree, executive director of the Greater Raleigh Sports Alliance."

Historical ROI, rental rates and so forth – these are the metrics that tell me pertinent aspects of a portfolio.

Have your reviewed historical financials, rent roll, etc.? 

We've got good signs - 5% unemployment (tempered by the real unemployment rate is over 7%, tempered with the largest non-participating unemployed in history), we've got good signs 2.5% economic growth (tempered by that historically we should be closer to 4%), we've got good signs the Fed raised rates (tempered by they said they would raise 4 more times in 2016, watch and see if they do or they have to pull that back which is what everyone is predicting), we've got sub $2.00 gallon gas with consumers having $700 or more income to spend (tempered with a mild localized banking meltdown- Dallas Fed has suspended mark-to-market, JP Morgan for the first time since the recession (22 quarters) has had to increase it's loan loss reserve.

This is especially true for people investing at a distance.Another side note: If you would like to view historical Google Earth images, check out this video to do so. http://www.google.com/earth/learn/beginner.html#tab=historical-imagery

We recently bought a home in a high income/ownership historic area where carriage/back houses are pretty common.

In our markets in order to make commercial development work on the scale that you are talking about, you have to (a) tie up the property via an option agreement (b) work on your development plans and find the tenant or use for the property and then (c) work the Fed, State and City to provide historic tax credits, tax abatements, enterprise development zone credits, etc. 

I've historically bought houses under value that needed significant work.

Positive cash flow is still important if you hold, but not as a means to make your profits but rather as an "insurance policy" to let you hold through a downturn if need be and realize those long term rent and price appreciation if they materialize like they historically have in LA.Lastly, if you come across a smokin' deal in the right time frame and a 1031 works out for you, great, but be careful not to let the tax tail wag the investment dog ... if you wouldn't buy the property without the 1031 then do buy it with a 1031.

Are you saying that history shows this all time record high in the stock market was going to happen...and that it will continue to rise even higher in all future years...and that you are going to base your investment strategy on the hysterical historical basis?