Let's break down each component of the VMAR method:Value Creation Catalyst:The first step in researching investment real estate markets is to look for a value creation catalyst.

If people find this tool valuable, perhaps we'll add a Flipping and Wholesale component as well.

While I'm all for encouraging investment in our city (assuming of course it isn't slumlord type investment, we don't need any more of that) you're talking about what is most likely a full time endeavor and as far as long term appreciation, unless you hit it just right and hit an area that has a big gentrification component down the road, long term appreciation of any substantial amount is unlikely, so you're left with cash flow and when you're normally talking about older to just plain OLD housing stock, thus higher or much higher annual maintenance costs to keep a safe and habitable rental property and keep you off of the city's "slumlord radar" which you DO NOT want to get onto, combined with tenants who are often a real crap shoot (yes, you CAN find great tenants who care about keeping a decent home even in the poorest parts of town, we have decent people in all parts of this city who are trying to build a better life for themselves and their families, yet you will also run into many who don't care, who bring unforeseen issues which seem to ALWAYS=extra, unforeseen costs to the landlord, whether you're here on the ground fixing the issue yourself or DIY plus pro help when necessary, or long distance via a PM (always going to likely cost much more)) and the wonderful looking cash flow component, which due to the very likely lack of any appreciation component, is all that's left for profit potential, also can quickly vaporize in front of you!

"Failure is a component of success.The opposite of success is not failure,its mediocrity (playing at a level below one's capability)"-one author said.there is need for massive action by us newbies (generate leads,make offers,follow up)

The large components will eventually need replacing.  

We need to be able to cut through the BS and fear mongering and look at facts and data.And when you analyze the data it becomes obvious, there's far less risk in the Colombian market than the US market.As an example:  Let's consider the main component of risk in a RE market...excessive credit. 

The good news is that a good comp only 5 blocks away sold for $310,000 in February (when most comps were in the $230-$260K range), which means our value when fully rented should come in somewhere in the $250,000-$260,000 range. 

(Education on the house is not a secondary component, several guys will just send their contractors out and assess the bids only, thats a move that only works for experienced investors) Good Luck!