I will generally say for a property like the one you're describing- you will probably find the assessed value to be dramatically lower than the purchase price for a few years, maybe longer.

Spending a few grand shortened the learning curve dramatically and he's now a resource for any questions I may have on land (or any aspect of RE). 

Scarce inventory has been problematic for the past few years, an issue that has only worsened in the past month due to the dramatic surge in lumber prices and the dearth of lumber resulting from our California wildfires.

The Nevada side still allows them, which means that Nevada STR rental rates will likely climb dramatically in the coming year. 

I’m located in Scottsdale, AZ and we’ve seen pretty dramatic price increases all across the Phoenix metro area.I was primarily looking at Phoenix for a possible rental but now I’m beginning to look elsewhere to see if there are other markets that have a lower cost to enter.

The fact that you can dramatically reduce your expenses house-hacking your own property is a plus itself :DAll I'm saying is that my me and my mother are currently house-hacking two amazing properties right now because we plan to hold these properties for at LEAST 10 years.

Another reason is an increasing amount of investors no longer eligible for conventional if their income was dramatically affected by Covid. 

If the condo fees increase dramatically my cash flow could be gone. 

That could change things dramatically. 

An area may have a strong history of appreciation and I think this Covid situation has shown that situations can change dramatically.