Trendy Areas, Prices, Values, Rehabs, and Rents

Going prices for trendy areas in Salt Lake seem almost out-of-control. Avenues, Sugarhouse, downtown seem to be very hot with some pretty beat up properties listed and selling for some pretty rich sums.

I'd like to hear the experiences of others in the area about investing in these areas-- single family, duplex, and up to small apartments 6-8 units. Is it practical to invest in these areas anymore?