That is not the sentiment I saw in 2008.

Whichever county / city you choose, gauge rules,  regs and sentiment well as part of your DD. 

If there is a local economic shock, or if interest rates ever increase, or if the general US economy and investor sentiment declines, then the cap rates will go back up and the value of their properties will drop quite a bit.So, the moral of the story is to investigate these interesting outer edge markets, but make sure you know what you are doing and get a proportionately higher risk-adjusted return.  

Etc etc.But nothing is exact or for sure. consumer sentiment can affect the market  as well .. it becomes a self fulfilling prophecy.. and then again its that time of year sales are always slow .. what will really tell in my mind is what happens to sales in Jan feb Mar apr.  

I second @Alexander Felice sentiment here. 

In general I agree with the "if you have to ask, you should probably have an agent" sentiment.    

My partner and I have been reading a lot recently about how hard it is to buy a property in New Jersey that produces positive cash flow.We made an offer that has been accepted on a property in Perth Amboy NJ and so this sentiment has us nervous.

I suggest you read Adam Smith's Theory of Moral Sentiments. 

Regarding the 'investing for appreciation', I definitely agree with your sentiment.

Greatly agree with other sentiments that your PM is playing it safe / lazy.