But this is all speculation / generalization at this point. 

Relying on appreciation alone to make money is just as good as speculation or gambling in my book.

It's much easier to blame the rich developer or investor than your fellow citizens or city councilman.Clearly there is some speculation that drives prices, but if they're completely out of bounds the speculators pay the price.

Call it speculation or whatever you want, but this is not an isolated story around where I live and invest. 

Several of the variables (anything w/ appreciation) are speculative and won't be accurate until executed.

, and others that are turning a corner and may have significant upside if you don't mind a little speculating (Station North comes to mind).  

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.

A is completely safe, but usually not great for investing due to higher prices.There it is again, the California view.By that definition, every single place I own is D, 7/8 of greater Pittsburgh is D, and anybody who lives in the actual city proper has to settle for D unless they live in the newest multifamilies being constructed as infill by speculative syndicates.

The last recession was only correctly identified by a handful of people who specialized in out-of-the-box speculative shorting the market. 

You are taking out debt to buy speculative property based on a few metrics off a website, likely in a D-F class area that you don’t know.