I knew I wanted something that was half or mostly commissioned, so I've already looked over my monthly expenses and made cuts where possible.My personal savings account is not quite where I'd like it, but our rental account is strong and self-sufficient; I don't even count my cash flow after reserves.

In fact, it's the strong housing market that got us out of the 2001 recession rather quickly.

A land owner in a strong market with a marketable lot will sell his property and doesn't need to jump through all the hoops.

Rents are very strong at $4750 a month but the asking price is pretty steep. 

Buy high and sell higher definitely works in strong areas.

If you WERE willing to drive 90 minutes each way, I'd strongly suggest looking at Valpo instead. 

Some people are strongly motivated to sell their house quickly and can't/won't spend the time/money/effort to go through the steps to list their house. 

My net worth and liquidity cash position are both strong.

All real assets have investing dynamics of cashflow, appreciation, tax favor, and debt pay down (if leveraged), so if you are looking at an asset that has VERY strong cashflow but lower appreciation, you'll simply want to know that going in and compare it to how another asset that DOES appreciate would perform.In my market there is usually a direct correlation to cashflow and appreciation.  

We are looking at a 4plex in a strong C area.