My partner and I are small multi family investors in Helena, MT and Sheridan, WY. We chose these locations due to convenience for self management and house hacking (local or where we have extensive networks) not because they were necessarily the most lucrative markets. A recent triplex purchase was razed by a fire, which has put a bit of a damper on our scale-up for now. Issue in Helena is the housing prices and rent have about outstripped the average buyer/renter (state employees). Still going strong but definitely something to keep an eye on.
We might end up selling the triplex after rebuild since we will have a lot of equity in it at that point. But I don't anticipate being done until late this year or early next year, and I'm not sure it is worth not listing on MLS in this hot market.
