As I've begun the process of hunting for some physical Real Estate for a family home, I've come across so many "investors" or "developers" that think they're making money

Pure hunch: if they factor in all their costs, plus their time, then run a calc on the "gains" with real inflation, it's going to be marginal at best

The weird thing being that they leave behind a house, a happy customer, at an increased price. It seems like value was created. But was it?