Activity in Austin, TX?

[Joseph Henry]

New investor here, have never owned real estate before. I live in Austin, TX. Has anyone invested here in the past four months? I've been looking for deals for over a month now and cannot find anything. I did not think Austin would be a fantastic investor's market in 2023 and primarily chose it because I live here and know the area well (i.e., to learn). However, multifamilies are regularly selling for 150-200x more than the highest monthly rents in the neighborhood, even multifamilies in absolutely horrendous condition. I visited a duplex that literally had rats living in one side, and the seller wanted almost $500K (in a neighborhood that seldomly rents more than $2500 for a similarly sized unit). Single-families aren't looking much better; I imagine I could still find an affordable property that appreciates well over the next 10 years, but I'd like to build up my portfolio faster than one property per decade. 

I've concluded that Austin in 2023 is not the time and place to get into real estate investing. I plan on moving to middle TN in a year or so, which looks more promising. But I would love to be proven wrong and have an investment property under my belt before I head back. Has anyone found any deals here (or in the surrounding areas) recently?