Hi BP if you are person that lives in, around or near Flat Rock NC could you PM me here at your earliest convenience. I had property owner respond to an ad of mine bout property she needs to sell, but I told her I am ...

One thing to keep in mind is that when you have legions of outside investors coming in you do heavily inflate your risk.  

... that is what you should underwrite to IMO, and no they will not all necessarily be the same as one another, as another market, or equal to the average national inflation rate (CPI, etc.).

Don't inflate or make up an ARV.

So, what starts out with poor cash flow can in the long run actually produce more cash flow than a property in a different market with high initial cash flow yet low demand and high supply relative to that demand (which is usually why the price is cheap and initial cash flow is high, BTW) such that it produces only low rates of rent increases (even below inflation). 

But cash depreciates in value due to inflation.

That being said, what are good investments during times where real estate is somewhat inflated and out of reach?

A buyer who got some nutcase GC in there to give them an inflated bid.  

the mortgage alone is $3164/mo   ($375K @6% for 15 years)  I use 6% for potential rate hikes at renewal over that 15 years. your other expenses eat up everything left over. my opinion is to only buy  crazy good deals right now, as our market is inflated.

Even if it is a peak today, that is a price from 10 years ago and with adjusted inflation that is still 20% less than 10 years ago.