You also have an appreciating asset, equity, and a lower risk rental.I have clients find deals like this almost every month right on the MLS, Auctions, FSBO, and occasionally wholesale.

As an investor who has real estate license, you are only working for yourself (like me.. with an occasional client), things are more flexible. 

I'm from Baltimore, but my wife grew up outside of Erie so I occasionally check out the RE market up there and the prices seem pretty reasonable.

As an occasional smallish OK or soso deal with decent long term prospects comes up I'll probably take it.

Although we still have an occasional shooting or fight outside (or people riding down the sidewalk on a motorcycle), we now have $800k+ SFHs being built on lots that were sold for

You don't have to fly down if you don't want to, you don't have to deal with tenants, you don't have to handle maintenance, you just collect net rents every month and occasionally give your go ahead if something big comes up.

(I have occasionally done this.) 

I suspect there is an occasional verification that the reported submeter water is accurate. 

I figure for the larger home and its larger groups, guests will occasionally want to congregate around the television or use it as childcare.

Doesn't necessarily mean it will fall, or correct, it just means the growth isn't as crazy as before.You see some knuckleheads occasionally come in with cash from Cali but from what I have seen they are the only big spenders here.