On the other hand, there are significant spikes in loan delinquencies and forbearance. 

Heart rate and blood pressure just spiked.

If there is a real estate correction, but your property is full and people are paying rent, then you can just ride out the rise in cap rates and wait for better times to sell or refinance.But if there is a recession, and 5% of the people on your property stop paying you because they have lost jobs, and renters start doubling up with friends and family rather than rent apartments because they are out of work, then you may not make your debt service.So you need to be extra careful right now that any property you buy can pass a stress test of a spike in vacancy or economic vacancy.

There is no spike in crime on any report that I have seen.

I live in CT where prices are already high and have spiked with NY’ers migrating up here since Covid but to be honest with you where CT and Phoenix likely differ is that CT has more of a bleak future so I don’t see any sustained appreciation.

Also I feel the casa grande will see a huge spike in the next few years.

This is a great thing for investors like myself who are interested in rentals since it helps increase our income without adding to fixed expenses.What I'm trying to get at, is to understand if the rent increase this past year will last or if it was a spike due to a factor that someone like a local agent such as yourself would know as opposed to an OOS investor like myself.

That was the biggest one-month spike Redfin saw in price cuts since 2015.

Many of them were over-leveraged, under-capitalized, and weren't prepared for a spike in vacancies and bad debt.It all boils down to your ability to absorb risk, and only you know what that looks like. 

I know before interest rates spiked that's how I handled seller credits..