Does buying a Rental Property makes sense in this high Interest rate market?

[Saurabh Kukreja]

I currently own one out-of-state rental property and am planning to acquire another. However, the high-interest rates are significantly affecting my operational costs. A neighboring property, similar to my current rental property, is now on the market at the same price I paid two years ago, with comparable rent. Unfortunately, the cash-on-cash return isn't the same due to the interest rates.

Should I proceed with the purchase now, or wait for interest rates to decrease before re-entering the market?

What strategies are others using when looking at MLS listings at this time?