So I described the condition of the property to her & what I had observed during my due diligence.

This seems to hold true from my own personal observations as well; there does appear to be a downturn every few years almost like clock work.

A couple observations.

The interviews are great individually, but the real magic is hearing the repeated concepts and observing the common threads.

Gary W.Recommend going to the auction and observing before bidding. 

Great observation @Steve Babiak .  

This is just my observation from listening to podcasts and forum reading.

I have been observing the Industries watchdogs and trade partners conferences and WOWWW talk about a FUBAR situation UGHHHHH.

Over the past few years I have been observing the property management companies in our area (Vancouver) to determine who is likely to be a good fit for our properties and reflects our preferred management style.Interestingly enough, I've learned the most about property management companies from friends and colleagues of mine who have been tenants.

There is virtually no inventory under $200K so unless the seller is leaving the area it's impossible to find a replacement so your observation is correct.