The only thing that's kept me from there is what I have perceived as a lack of decent cash flow anywhere in the state.

Could be some perceived inequity if you didn't. 

People buy based on perceived value, if your properties perceived value is 500 and you're asking 600 it takes a bit longer to rent it.

Need to be up on escrow accounting too, comingling of funds, disbursements and transfers can spoil your perceived limited liability.

Its also in presentation/confidence; no one wants what they PERCEIVE to be a hard target.

The extra networking, guidance, tools available far outweigh any perceived cons. 

., many contributors to this thread) as to where I perceive we are now.I do believe that fundamentals are misleading when trying to value an investment during the mid stages of a 'boom' cycle.  

The funny thing about the economic cycles is how we perceive them. 

Perceived appreciation prospects?

You have someone who bought their place then a rental pops up next door, they just lost money if they want to sell to a new owner, real or perceived their home has gypsies living next door, tenants who won't have the same pride of ownership attitudes as the owners do.