I haven't heard of anyone talking about a crash but I think as interest rates rise there will be a slowing of frenzy in the market in Portland.  

As long as I am cash flow positive and the rent in a crash covers my costs I'm happy. 

If the market does crash and prices drop all that equity will disappear.

(isn't that how the stock market crashed in '07?)

And the depth of the last real estate crash will probably be a once in a life time event.  

A lot of big rental property investors much more intelligent than I right now are looking closely at the midwest and south for high yield properties in less volatile markets that probably won't crash as hard as major cities will in the event of a correction in nationwide property values.I looked at @Tim Herman's list.

The home I lived in two months ago I purchased for well under market value during the crash.

If we're in for a crash, the answer is obviously don't scale now!

There is another part of College Park that has newer homes that still haven't regained their value from the crash.

Legendary real estate investor Sam Zell believes (or at least purports to believe) that homeownership will fall to 55%, well below the 64% it is at now and far from the ~69% we saw prior to the crash.