The proximity of those areas still remain as an option if prices in the valley get to inflated.

Your goals to focus on buy and hold properties seems sound, and getting started at a young age will allow time to be on your side, to take advantage of some gains due to inflation, changing market conditions, historical trends and your experience in the RE market.  

Condo' s are still about 50% of their high water mark in some of the near west suburbs, I see room for price inflation.

How do I know that listing prices are not artificially inflated?

The market/inflation will the do the rest for you.

Under our rates view, many Canadian mortgage borrowers may be forced in the coming years to refinance their loans at higher mortgage rates.Here's Goldman Sach's analysis:The recent rapid rise in house prices in Canada presents a risk of eventual over-heating.A model of bust risk that accounts for house price-to-rent ratios, past changes in real house prices, investment-to-GDP ratios, real GDP growth and inflation puts the probability of a 5% or larger downturn in real house prices over the next 5-8 quarters at around 30%.

I already own a rental property in North Nashville (single family home 3bd/2ba) that I'm renting out, but I am currently looking for a primary residence in west Nashville (Croley Wood, Charlotte Park, or even Nations) based on proximity to my office in Belle Meade.Obviously, I have missed the boat in these areas and prices are inflated.

It won't be derivatives on the secondary market with questions about who actually owns the overly inflated note, this time.

Some careers the pay starts off great then has little increases to barely keep pace with inflation.

If income grew at 3% inflation, its about $57,288 currently.