Real Estate goes in cycles in every market. 

Solely to be rid of the apartment renting cycle?

With a 1-2 month supply of houses on the market, getting something that far below market value may stall your purchase into the next cycle.  

That puts you at a distinct disadvantage investing in this market.Many of the podcasts and Management members have ideas which may work in certain markets or in different market cycles. 

It taught me that I need to be aware of the physical real estate cycle and the financial cycle, before considering any investment.

If you study cycles over many decades there is a natural progression and timeline for the national market with macro economics.

Cost basis, depreciation cycle, etc depends on the buyer--not the property--so is not included in that calculation which is better described as after-tax cash flow.Also, check with an accountant familiar with your target area regarding % of improvements to value for depreciation.Cheers,Wm

Or which part of the cycle the market is in?

You never know sometimes neighborhoods in my area will have good/ bad cycles and if I had bought during the bad I'd definitely sell when the area comes around.

I've been running BP for 10 years . . . there's always new investors cycling in.