Oh wait - I live in a no income tax state where real estate is relatively cheap, population is growing and we get 250 days of sunshine a year. 

Yet, our population is slowly growing.Since construction is down, that means there hasn't been any real speculation building.

There may be an exception here and there, but overall I don't like it.Like others have said, there is limited inventory with large projected population growth.  

Population trends continue to favor the region.

All of the other 4 markets that you mentioned are affordable, high cash flow markets however, I think Indianapolis is much stronger than the others due to strong job growth, population growth and diverse industry and economy.

Maybe Sonoma and Napa counties are going to be re-populated using Victorians from SF, Oakland, and the greater East Bay, that would otherwise get torn down by developers!!!

The unit is in a 15k population town with a small junior college.

Petersburg in Florida are very seasonal as the populations outside of the main cities tend to be from people up North that come down South to escape the cold, thus there is not as high of an occupancy at any given point moreso than the Tampa Bay area. 

I consider them high risk because it's in a market where the population growth is flat at best, tenant base isn't super strong, and also any neighborhood where you can buy something decent under 100k isn't going to be the best quality neighborhood, tenants, etc. 

CA still has net in migration.. and or population gain.. its not like IL where the population is leaving .. this is not the case.. now many come up to Oregon as our price points are 1/3.. and wages are only 10% less.. my daughter is a well paid financial analyst at Intel.. making about what Diane is talking about  a year.. been there 14 years worked her way up..