In addition, I suspect there are issues/inefficiencies in the materials supply chain due to COVID.

The taxes in the state are not that bad; however, the seller did not supply the actual value.

My name is Abhi Kotti and I am a senior at Arizona State University (Barrett the Honors College) double majoring in Finance and Supply Chain Management.

Neither is the iconic international city, stanford university and berkeley, as well as strict supply constraints. 

Low Inventory With inventory less than 1 month could be temporarily suppressed as people are not wanting to move unless absolutely needed to during this time,  but less than 2 months inventory indicates demand is higher than supply which won't induce price reductions. 

If lenders start to tighten up then this will obviously effect the market and alter the supply/demand 

I think it would help in your points 1 and 2 if they could be expanded by analysis of labor market and its trends which would lead into supply and demand analysis. 

When you are buying a commodity without a fixed value - which is almost everything, but I digress - there's no definition of "overpaying" without context, and there's really no such thing in a free market since demand+supply will largely set the price.

More specific ideas for business that still operate these days: scrubs shop, medical equipment, bikes shop, pet stores, hardware stores, nurseries, beauty supplies, dollar stores, cannabis store (if legal in your state) or CBD products store, vape/smoke shops, doughnut stores, Fitness equipment store, pop-up COVID testing centers.Bonus round:If your location has a big parking lot, you can set up a "movie drive-in" on some nights and have the businesses in the strip serve the food/drinks.

Some things will drive appreciation more, like new business coming to town, potentially resulting  in lower supply / higher demand, and that is great.