The good news is the book still contains relevant information, even after the bust. The principles are straightforward, if somewhat simplistic (for example - a bargain property will be a bargain based on price, terms, rental or resale markets, location, condition, zoning or occupancy factors). The 2nd edition introduces the reader to some internet resources - some of which are still good. So, it contains some useful general knowledge and is a fair introduction to the timeless principles of real estate investing.

On the other side of the coin, a lot of water has flowed under the bridge since 2003 when this book was published. It is good foundational background, but is probably a bit dated given the 2007-2009 real estate recession on the specifics.