> Just make sure you don't do it in an overheated place like New York

If the stock market crashes, New York property probably sings. Stock market crash means ZIRP. And ZIRP means lots of money sloshing through New York.

> lots of money sloshing through New York.

That's kinda the problem, I'd expect it to be a bit… volatile. I guess it's a valid target to gamble on if that matches your risk profile.