I think Ben Mallah coined this phrase: Buy a crappy property in a good area, because you can always update the property but can't do much with the area.

Have you heard the phrase "Watch a little Star Trek, learn a little Klingon?" 

Here it's trendy to live in the close in older neighborhoods.  

The opposite trend is occurring, where permits are greatly exceeding household formation.

You can search by topic and phrases etc.

I would phrase it like this.

But I'm also thinking about that phrase "Live/Rent where you want, invest in where it makes sense" and I'm not entirely sure if buying an apartment would make sense right now.

Phrasing is key.

The reason I asked the question, is that some folks here and elsewhere phrase things like “I currently have a $23M portfolio” when they are a small partner, say 2-5% of that portfolio… I wouldn’t see that as accurate but some do.

I would agree with Columbus, as you can see in this picture the trend is upward!