Some have used population migration as the indicator.

The 6k Mai master appraisal had indicated 2 houses a month or a 18 month sell out ..

I saw no indication that this was the intent 2) when you go to sell you likely would get decent value for the JADU only from purchasers who were planning to house hack (owner occupy).  

Past behavior is indicative or future behavior so why can't that be taken into account.

Turned out that there was more land than indicated after performance of survey.

It actually says right on their websites that these letters “in no way indicate that you have been approved for a loan”.A Realtor (knowing that) is not likely to take that letter seriously or allow their client’s property to be tied up by a buyer who presents such a letter. 

All indications are that they are planning to put it back on the month in a few months and let the market run its course.I plan to be there again, however, I am concerned over losing it for good this time.

They get snapped up quick.When someone is trying to "help" a relative or friend to get a lease, that should be the big indicator that you should NOT rent to them.Maybe I sound a little cynical or jaded.

But if there's an indication that its reached the top then maybe consider not pulling the trigger.

There have been several articles/blogs here pertaining to 2021 areas to invest in, check those out as well.As far as cap rate - to me this is not absolutely critical in the buy or not buy decision but rather one input/indicator as part of the process simply expressing a sentiment of demand for a given sub market.