I think there are at least four (well probably more) types of investment animals out there.

1)Big investment groups (wall-street etc…)
These guys I think typically have about five year holding plan.
(these guys are looking in nicer areas generally, they are the real buyers
(non-investment) competition ).

2)Accidental landlords ,
These guys typically have a number (somewhere just above what they paid)

3)Flippers (just out for a quick buck).

4)Long term cash flow investors (retiree’s etc…)
These guys usually don’t buy the homes most buyers are really looking to buy anyway (they might rent them however until they are ready)
Condo’s, smallish three/two’s in just OK areas etc…
Nice homes in nice areas usually don’t cash flow very well.

In short, I think most the real frenzied areas are not long term cash flow investors at this point
Flippers and home owners fighting over what’s available until the builders start to build again.

It takes 6 months to 2 years to get a sizable project started, and the process was almost completely shut down during the crash.

Very very hard to get a sizable project approved in SD these days as well.