Since I'm in California, I'm looking to actually invest outside the state, because of the high initial capital I'll need to pony up, compared to other places.  

Definitely compare what brand of equipment each is using, a Goodman is going to be a lot cheaper than something like Carrier but will most likely give you a lot more trouble.   

@Benjamin CowlesI think the short answer is just because a lot is owed on a house compared to what it is worth, don't overlook them. 

Using Vancouver as a data point to justify Toronto'a comparatively calm market is self rationalization.Yes, the divergence of real estate prices to the underlaying economy may continue for a few more years and, if folks are fortunate, it will gear down slowly on its own with only a small retrenchment in prices.  

@John VietmeyerIt all depends on your location and other comparable homes.

This will allow you to start learning how to determine what the value of a property by seeing what other houses sold for comparable to your subject property (Comps). 3.

My parents are trying to decide whether or not to payoff the mortgage on a single family rental they own in Las Vegas.  2  I'm trying to do a ROI analysis so that we can compare whether or not they should keep the 100,000 in the stock market or not.3.  

Buyers are generally able to acquire these properties at a higher CAP Rate than a comparable Class A property because these properties are viewed as riskier than Class A.

I'm having trouble finding comps to estimate ARV for my potential house because no other houses have this view/water area and there are few other ranch houses in this city.Does anyone know a source/website where I can see the sold prices for houses on just Smith Street so I can compare apples to apples?

While there are many great facets to commercial real estate there are also many differences compared to residential (SFR or multifamily).