There are different investors out there, looking to achieve different objectives.  

It's important to have a clear objective in mind when investing in real estate.

@Michael Tempel What's your objective?

The capacity to conduct the analysis and make the Hard Call to walk away is evidence that you can make objective investment decisions.I hope I have not overwhelmed you with information, but the steps outlined above are Critical to figuring out whether any further investment is warranted and the likely payoff.Best of luck with this!

That being said, if I were you, I'd try to find the best blend between housing prices and population growth/housing starts if capitalizing on long-term appreciation is your primary objective.    

And...no...not the good kind of house hacking that we talk about on here, lol.The bad kind where someone holds all the functionality in your house hostage until you pay $X. 

@James CharlesEach person has different objectives and goals.  

However, at the rate you are going you won't acquire any investment property for years and I'm assuming that acquiring RE is your main objective. 

What are your investment objectives? 

It is a tangible object that is intrinsically valuable that you and only you can dictate what happens with it.