I would look for areas that are depressed where I could buy cheap, but are likely to appreciate well over the next 20 years.

Man, the values of these properties, as an investor myself, are depressing. 

It turns out that optimists were overconfident about their ability to control the elusive light, and depressed people were pretty accurate in how much control of the light they felt the switch actually had. 

The strong pound makes the USA very attractive, and our housing prices are depressing.

The area that I'm looking in has a State University but in general a somewhat depressed economy to go with it.

@David Krulac  Oregon is a strange place.. it only has 3.5 million residence's in a state that is HUGE geographically. 2 million live in the Willamette Valley that's an area 90 miles X 20 miles .Rural Oregon has been in a state of depression  since the spotted owl killed the timber industry in the 90's...

Then a precedent will be set and all sorts of those transactions will be dug into.To quote a favorite movie of mine: Your scientists were so preoccupied with whether or not they could, they didn't stop to think if they shouldSince the Great Depression financial institutions and banks (hereafter “FI+B”) have gained greater power over U.S. workers and corporations/employers (see attached charts).This is how:STEP 1: FI+B pushed bad loans to those who can’t afford them, bundled this junk debt into CDOs and CMBS, then rating agencies pressured by these financial firms committed fraud by selling these securities as investment grade securities.

If the number of rentals exceed guidelines for warrantability then that can depress prices as it takes out the ability of buyers to use low downpayment options, ie fewer buyers.

Lets not forget a lot of people made millions during the great depression and the last great recession.

Obviously that makes cash flow harder to achieve and I worry that will keep property values depressed preventing any real appreciation coming into play.