Another reason IMO the whole "I'm not going to factor in appreciation rates because that is speculating" business is nonsensical to me ... because they can be negative too and ignoring it in these types of markets can get you into trouble ... whether the appreciation rates are negative, zero, or positive, they will have a profoundly important impact on your business model and exit strategies over the long term, whether you like it or not and whether you admit it or not. 

Of course, this is mere speculation...

Haha, speaking of speculation! 

For me, that is when there is a lot of speculation in the RE market without underlying value and healthy market conditions.

Just speculating. 

If you are speculating on appreciation this may be the wrong time to get into the market, you will need cash flow to survive.Your best investment oportunity will come from multi unit properties with the use of leverage to increase returns.

Regardless, physicians are still in an amazing position to do very well for themselves, if only most of them knew what they were doing (it would blow your mind to hear the speculative nonsense I hear in the doctor’s lounge every day).The culture of medicine aside, I am truly amazed at the possibilities within real estate.

Salem is cheaper than Portland but I would caution buying "break even" cash flow properties or buying properties based on speculation / inflation.

Of course, everybody always says that investing for appreciation is speculating, and that there is only one right way to invest, their way, LOL.

Instead, I'd suggest taking a look at some of the "fringe" counties that might not get as much attention: Coweta, Newton, Fayette, etc.That way, you still get to participate in the growth and allure of Hotlanta while avoiding much of the insane pricing that has been fueled by years of investor speculation.