When the bubble burst in the housing market, we benefited from an immense supply of great tenants, while the bubble is inflating we get appreciation and increased rents. 

In my opinion, property value in inglewood will be rising most of the places you mention.

I understand cash flow first, but you shouldn't ignore the rising tide either. 

They may be correct - we may have it entirely wrong - and they do produce better returns in the short term, but we are playing a long game here and rising energy costs will make our units look better and better.

Rents are strong and rising, property values are affordable, unlike California.

Inflated housing prices and not high enough rent for there to be any opportunity.

As always with cities and towns, if you're able to stop by in person you'll always do best that way (at least in my experience).Assessed values are always a trailing number, so they are always "catching up" with the market; in a rising market they're generally a little under market value, and in a falling market they're generally a little over market value.Since we've had a pretty good market run up in values over the past 6 years or so, it's not surprising at all that the assessed values would rise.

btw, it looks more like a motel, so that might be an option over low rise apartments.

Also, I know prices continue to rise along the I-5 corridor, but the farther away from I-5 in southwestern WA the lower prices get.

There are also socioeconomic implications of the rise of vacant housing across the country.