In my opinion, this is not exactly correct.

One way is to force appreciation, through improvements.And she has your perfect path (in my opinion): to buy a property that needs slight improvements and updates.

@Bob Daniels - In my opinion one of the best subject to buyers is Grant Kemp out of Texas.

@Samuel GarrettThe only way to evaluate it in my opinion is the cost vs value of what you're considering.  

I bet I can get 10 different opinions here though!

But if you do some good homework prior to the deal you can identify more issues before you inherit them.This isn't legal advice, just my opinion as a real estate investor.

Recently I was working on a house and the inspector call out several issues regarding a deck on the back (among other things), I decided to get a structural engineer just to get a second opinion and the engineer put a report together explaining why the inspectors was incorrect. 

@Derek John overall better to own, in my opinion.

Predicting a market crash is all fear mongering in my opinion, if it does happen, it will be completely unpredictable and most people wouldn't have any knowledge about it.

In my opinion, overcoming a hesitancy to take risk is better than having to overcome the willingness to take on too much risk.