Who are the buyers for 3-4 unit properties at these prices?

[Tom Wagner]

Has anyone bought, sold or been involved in 3-4 property transactions inside of I-95 / within 5-10 miles of Boston recently? Prices have not really moved and with interest rates >= 5% basically every property fails the self-sufficiency test.

So my question is: who is the buyer in 3-4 unit transactions at these prices? Both owner-occupied conventional and non-owner-occupied on 3-4 unit properties requires 25% down ($250k+), and there aren't many investors or buyers with that amount of liquid capital.

Where is the bid coming from? And why hasn't there been a modest correction in pricing to reflect current interest rates?