Do the fundamentals still apply?

[Ryan Daniels]

Looking for my first rental property, and I am seeing absolutely nothing on market that would adhere to any of the fundamental analysis that I learned on the BP podcast and from browsing these forums. The 2% rule of thumb is not even remotely close, nor is the 1%. The best I have been able to find has been collecting about 0.5% of the purchase price in monthly rent. 

With contractors hard to find and materials costs still elevated well above where they were pre-pandemic, BRRRRing is not nearly as safe a bet as it once was, especially not with a ticking clock of a hard money lender.

I've noticed on the podcast lately they have started saying things about "Just getting in" and "not trying to find the perfect deal", but just something that "gets you in the game"... So my question then, is, do the fundamentals even apply in these hyper-inflated markets?  I kind of feel like I'm in a dangerous position, walking around with a loaded shotgun of a down-payment, just looking for the first thing that moves in the bushes to point it at. Because so far, I have not found a single thing on market in a few different localities that would meet any of the often circulated investment criteria.

What parameters have shifted in your investment critera this year, and what have stayed the same?