So far I have purchased one townhome in a trending part of my city that I am "house hacking" by renting out 2 of the rooms to friends.

Though, we have been seeing a long term trend in inflation decreasing, but the recession has skewed the data so reversion to the mean could be coming

I worked in manufacturing for a over a decade before REI, and I noticed that it was common trend that the owners of manufacturing plants that got shut down or failed became 'business consultants' which I found ironic. 

Not just comps- have them give you a detailed market analysis which details trends in the market, average days on market, similar sales and similar listings, and the absorption rate currently and in the past in that specific zip code (not the city as a whole).   

Population trendsUrban sprawlJob quality and quantityRegulationsOngoing maintenance costBelow are notes on how I believe Las Vegas will perform in the foreseeable future.Population trend - Depending on which study you read, Las Vegas’ population is expected to continue to grow at a very desirable 2-3% per year.Urban sprawl - While not largely discussed, this is a major factor to consider.

I'm doing cosmetics in a townhouse to rent in Orlando 32792. Carpet (stairs and 2nd floor, ~500 sqft) is pretty beaten up and although may survive 1-2 tenants may no be worth the expense to deep clean it.

Would you ...

I do deals in Cobb, Fulton, Dekalb and Gwinnett counties and see the same trends. 

But I don't see a damn thing wrong with watching trends, identifying neighborhoods the hipters are starting to move to (which means the neighborhoods suck right now, but will eventually end up overrun with yuppies), and buying there to achieve a long-term gain.

There are some pocket markets in MA where you could potentially get into a B&H deal with lower price points and renting trending upwards. 

Increasingly I've noticed a trend towards renting your own residence while owning income properties.