Having the option to put very little down allows for relatively rapid scaling, which I've seen many times.

In my neighborhood (Berwyn) the average deal single family is about $250,000, so the two hours I put into walking the neighborhood can rapidly be rewarded. 

We get people from Iowa City and Cedar Rapids.

Location: 8547 Acapulco Way, Stockton, CA 95210 - Current Price $168K (and dropping rapidly).Figure 1: Here she is; the Jewel of Acapulco Way!

Is it dumb to buy a property that's around 150k even though the appreciation rate has been increasing rapidly. 

Buy at an extreme discount off the true dollar in a market proven to be able to rebound/appreciate rapidly.

Do rehab on house and bring it up to level of rapidly rising neighborhood.

I have no turnkey providers that I have used to accumulate these properties and have $160,000.00 cash flow and pushing rents and increasing NOI rapidly and Cash Flow too.  

And finally, perhaps the more difficult question:How do you assess the value of a property in a rapidly appreciating area - an area that has been building momentum for over a decade, but has finally gained traction.

Time will tell, I am concerned our extreme government debt / Treasury bond issuance and the Fed Funds rate being held high for so long will begin to take a serious (and rapid all at once) toll on the economy sometime in 2024.