We know that home supply is generally inelastic, meaning inventory can not expand or contract severely in the short term therefore we all see that a small increase in demand has a much bigger impact on home prices (San Francisco)  and conversely an excess housing stock vs. demand (Cleveland) means much lower home prices as a whole.If you simply compare the variance of Zillows Price to Rent ratios to their average home price indices over the past 7 years you will see this relationship. 

There is an abundant supply here.

The parts are probably high , but the contractor has to drive to the supply house , in the mornings , wait in line , and then drive to the job , install then warranty the valves .  

He was finally able to supply the fourth parcel number this morning.  

When I was younger, I would have agreed with you almost completely.Hawaii, and specifically Honolulu, and even more specifically Waikiki/Diamond, are a very special case, like only a few markets in the entire world.As I have grown older, I have come to realize the importance of "supply constraints". 

Short answer "Narcissistic Supply"Narcissistic supply is a concept introduced into psychoanalytic theory by Otto Fenichel in 1938, to describe a type of admiration, interpersonal support or sustenance drawn by an individual from his or her environment and essential to their self-esteem.[1]The term is typically used in a negative sense, describing a pathological or excessive need for attention or admiration from codependents, or such a need in the orally fixated, that does not take into account the feelings, opinions or preferences of other people.Keep in mind, narcissists need lots of money to keep up their facade.

I'm a captain of an offshore supply vessel.

There is a never ending supply, and I have thought about what you are talking about but with an o didn't street, but a lot of the houses are so far behind in taxes it tough to make the numbers work...I would have never imagined it would be that expensive to fix I was thinking 5k to 10k max.

Evalutes returns versus risksRental demand versus supply of propertiesPrice to rent ratio, tenant  quality and screening process,  eviction lawsWhy going abroad and not investing in your own country ?

Lastly, on the other side of that many markets are still below replacement value which could mean that supply of housing stock is fixed and that bodes well for pricing in those markets.