The question of value is in the, "Bundle of Rights" that run with property. Those rights create the benefits and risks of owning any property. Identify them, then rank them and evaluate upon the  m framework one engages to screen each candidate property and whether to make the decision to own any particular investment property.

• What % of the investment property is driven by emotional appeal. 
• Familiarize the experience of owning it. 

• The location (building, unit & neighborhood) and livability (amenities, feature, updates) for the value (offer price). It is the ideal dichotomy of the three elements into satisfaction. 
• Timing: Owning at a cycle low or in the early rebound after a correction in the market is perhaps bigger than "Location", yet it is difficult to judge purely because there are so many levers.
• In a tight money market such as a downturn, rates go up at least temporarily until the banks are able to lend money and inspire it with lower rates like we have now with the higher property prices, low rates and a protracted seller's market.