What I'm waiting on is for the Wall Street firms to decide that being a landlord isn't for them. Either because the margins aren't what were predicted, they don't want to be in the handyman business making repairs the tenants need, or because something else becomes trendy.

The aftermath when they decide to unwind their positions will be far-reaching. Probably not another 2008, but it'll certainly depress valuations across the country. Like you said, if you're buying now, buy because you need a nice place to live, not because you intend to flip.