I would say most of these so called bottom fishers/investors . would be looking to fix (a little) and rent, even if losing a little money for the first few years.
And of course does not apply in all area’s, the Temecula area is a prime example. Say you pick up a 2500 to 3000 sqf decent house in a decent area for say about 300K .
20% down, maybe 1600.00 a month coming back (OK you are still losing money), But in ten years that house will in all likelihood fetch about 600K. and is also a hedge against inflation IMO .
Say what you want , but at some point you either get on the Farris wheel or get out of line and give someone else your ticket.
Good luck.