@Adrian Schlueter I once found a property in a hot section of the city with spectacular comps.

I'd start with the absentee owner list then hot the probates..

Its funny you say that because thats all i hear out there, "its too much snow im staying in"...Your stock pilling properties now so when its hot a dry and the competitions back brewing you wont have to work as hard.

For some perspective, that seems like enough money to buy appliances and a hot water heater every year, or replace the roof every 4 years...again, I think.It just doesn't sound right to me.

"We" don't like to stay in places with no hot water or AC.

I don't get too wrapped up in chasing those "hot" deals.

Things usually take longer than planned, so factor in some bumper time.For example, with our recent hot water heater failure, we had to replace the floor covering (tore off three layers of vinyl flooring) in both the laundry and adjacent kitchen.

So the next step is figuring out where to start.I know the recent hot markets include Atlanta and several cities in Texas, but it seems like those markets are all super hot.

., which is a hot market right now.

In addition, you're starting to see rental growth rates slipping and with so much new construction going on, construction costs have been skyrocketing across the country.Like @Brian Burke said, today you can still buy at way below replacement cost, even in hot markets, so unless you're plenty experienced on construction and/or have millions to spend, I would stay away.