Matt and patient, I expect more from both of you in the way of argument other than blanket statements, both of you are talented enough to articulate your position. I threw down some hard numbers backed with fundamental formulas such as rent multiplier. While the scenario described above has some listings at 350k, the one at 221k is not subject to “a long way to fall.” 350k has a long way to fall but 221k has maybe max 70k left before a bear like me would buy it as a rental that would be cash positive from day one. That complex of about 200 units never has more than two or three for rent and they are in the 1400-1600 range. The carry costs on a townhouse for 150k, association is between 100 and 200 a month (not exactly sure but it was reasonable when I checked and it’s gated and has a pool and landscaping/trash is included). An investor with 30k can have a mortgage of $720, taxes and hoa take it to about 1100-1200 total carry and it rents for 1400-1600. How it goes below that, you got me. Cash positive rentals don’t last very long in any market.