But of course my recommendation for a cash-flowing purely investment SFR will be different than the one I would recommend as a second home/part-time rental. 

Its a slightly different mindset from only going on pure numbers of cash flow, return etc. 

I was told that appraisers go purely on comps for 4 units or less because they are residential properties, not commercial.

If you roll in those costs maybe it's (pure guess) $2K

@David Campbell, Thinking purely like a full time seasoned growth oriented investor I'd be all for selling and 1031ing into a property or properties near me that offered me value add, organic appreciation, and positive cash flow.  

Work in Walnut Creek, so we can meet up for lunch or drinks after work

Basic stuff:A POF is for a Cash offer, showing You have the cash in the bank.Anything else......FHA, conventional, private, hard money, a loan from uncle Joe, etc........is a Financed offer and you need a PreApproval from that Lender.Agents are now familiar with the "POF's" from HML's, off the internet, etc. and the fact that they mean nothing.Frankly, I don't know why any decent agent would waste their time with you if you don't have a Legitimate HML already agreeing to work with you, and the necessary cash you'll need to do the deal......pure waste of time......same reason sellers aren't going to accept your offers.

I think the  market will maintain level for another 18 months or so before correcting (pure speculation/ gut feeling).

The financing makes many deals work that would not as pure investment.First and foremost, I am an investor.  

First off, most auctions you cannot walk through before you start bidding, so it is purely gambling (unless your luck is supernatural you won't last.)