They are speculative but at times they do work out.

If the other answer is; through appreciation and mortgage pay down, then that seems like thin margins and speculation.

@Matthew Irish-Jones big short is pretty nice but its rather about speculation on wall street.

The majority of that margin doesn't have you profiting, and it's speculation.

Co-op owners strategically use the board to discourage speculative or absentee choices of almost any kind.

So I'm completely speculating about when the tub was installed. 

Until you review a title report and survey all the responses you receive will be speculation. 

“This is yet more evidence that flipping today is less risky and less speculative than during the 2000s.”The metros with the highest median returns on a flip are:Detroit: 95.9% (flipping return)Philadelphia: 92.8%Pittsburgh: 75%Cleveland: 70%Akron, Ohio: 65.7%Baltimore: 63.6%Buffalo, N.Y.: 62.3%Wilmington, Del.: 60.1%Toledo, Ohio: 59.4%Milwaukee: 58.9%

If you are buying betting on appreciation that is speculating. 

Worse case, if plan for the upside portion aren't approved, I would still see $400k once all is said and done.The only thing I am a little concerned about is the over-all political and economical climate of things in New Jersey... although this particular municipality has weathered the financial turmoil of the past exceptionally well due to proximity to NYC, etc.Is anyone on this site still playing in the New Jersey speculative market?