Yes, maybe you can buy (1) or (2) in your local market, but, if you can get some high quality turnkey or investment assets in alternate out of state markets where you can purchase  2-4, 6-12 etc. assets, you have what should be a safer play.

In order to play his guitar, the man would unplug the bedside alarm clock and plug in his guitar.

They play ball. 

If the economy is solid perhaps the supply and demand fundamentals come into play strongest.

They are usually done by a block method using square feet, they don't have time to look at each property so if you bet on that value, you'll be wrong, it's apples and oranges.If you don't know what value is based on and the 3 approaches used, you're not even in real estate, you might be playing some guru game playing house like a 5 year old girl, just trying to play with bigger houses.

Well played, Mr.

Do you still "play fair" and wait the three more days to show it to Person #1?  

I personally like the long term depreciation play since it shields rental income.

Am I just playing the semantics game or is there a valid difference?

All that does is slow you down, and quite possibly stop you dead in the water...with no chance to move forward since the are you are investing in won't allow for the reuse of funds.Also, never invest in opportunities.