Is the market too hot to jump in now? (Spokane)

[Caitlin Daniel]

Brand new, just got my approval loan papers last week and have seen 5 duplexes, run about 10 numbers/reports things to see how good of an investment it would be, and submitted one offer. (Which got outbid by 25% in cash)

Looking for a side by side duplex around or under 200k, over 600 Sqft with yard, needing updates okay just not a major rehab. I want it to be rentable immediately as I work full-time plus overtime and don’t have time for major reno. It will be owner occupied. Plan to update the side I live on and then switch when finished.

I have the opportunity to stay where I am at really good rental price thru September.
This market is INSANE and homes here are going more than 20% above asking and the average is rising every month. I’m quickly getting pushed out of good deal territory. 

Opinions wanted: would you wait out the summer and meanwhile do more education/numbers and try again in the fall? Or is no downturn in sight and I’ll be out of a deal by fall?
or is that a newbie perspective and there are always deals to be found 🤔