Buy first LTR now, or wait 6 months?

[Christina L.]

We are looking to purchase a long-term rental, and found a great one which was just flipped and is ready to go. Asking is about $180k and we'd get someone in there for a rental rate between $1650-$1500/month, netting $600ish per month after expenses. It sounds like a great opportunity; however, the market is hot and properties are flying off MLS like hot cakes. I'm wondering if we should pass on this property, and wait 6 months and see if the market dips at all. We are concerned with overpaying because the market is moving so fast and inventory is so low. Thoughts and suggestions please!