I think it's very hard to guess when the bottom is because the markets are entirely divorced from reality. 

In reality, almost everything can be replaced or repaired if the budget leaves a profit. 

The reality is that supporting a building in NYC is expensive and the hold time through litigation for the deposit could be a year + when the courts finally do re-open. 

A deal on paper isn't always reality. 

In reality, all they are doing is removing the "speculation" piece of their offer and offering what the property is actually worth, but it has the affect of making the sellers believe that their property is losing value.What will be the real determining factor for the next few months is the seller's mindset. 

The reality is if you're collecting 2x or more in rent than people are in LCOL areas, the repair work will be more expensive but it's not 2x. 

And regardless of what RE Companies say they will do for you - in reality - it's all up to you to create your own success.

But in reality your lowest returns will likely have the lowest risk. 

In reality, as the investor, you need to learn to make your own estimates prior to making offers, and then get your contractor in during the due diligence period to confirm and refine those numbers.

Selling in a market in which no one wants to buy has a bigger cost.And it may seem like properties always appreciate and at a pretty steady rate, but in reality, there's quite a bit of spread between markets.