Louisville Overpriced: Now What?

[Adam Carbone]

Good evening!

Background: Newbie in Louisville looking to house-hack a duplex/triplex/quad. Most familiar with Crescent Hill, Clifton, and St. Matthews. Working in Indiana, so also interested (but less familiar) with downtown Jeffersonville and New Albany.

After researching my market, I've come to realize that (surprise, surprise) it adheres to the trends in the rest of the nation. Although I desire to house hack, I have not found a property (yet) that seems like it will cash flow in the areas I know are desirable for renters (looking to market to local graduate and seminary students as well as young professionals).

Right now, I'm saving well from my civilian job, but I want to make sure I'm waiting well. So, BP, what do you do when your market won't seem to cash flow? Bonus Question: Will a market correction fix my problem or make it worse?