However, it had a similar effect on sellers, many of whom cannot stomach selling a home with an extremely low-rate mortgage just to buy another a 6-7% rate.According to the Wall Street Journal, “Almost 70% of households with mortgages have rates below 4%.”To drive it home, though, take a look at this chart of median single-family prices in Austin for 2022 (including December so far):The median single family home sold in November for around 20% less than the median home in May 2022, which appears likely to be the high water mark for some time to come.

When these thing change there will be a lag effect then things will get better.1.  

(*Western Slopes) also, the new laws going into effect in IL. are kinda crazy to me.. 

What are the upside/downside long-term effects when all of the homes in the neighborhood change from beach bungalows to million-dollar homes?  

We use LVP in subterranean apartment units, which is effectively the same thing. 

Your cap rate at purchase (or any other purchase metric for that matter) is important, but I believe the two most important variables in the success of a property are: 1) likelihood of rent and price appreciation in this market/submarket and 2) effective asset management/operations- I'm not 100% positive on financing, but I believe if you're buying as one portfolio, it will be a commercial loan.

The COVID effect in Gatlinburg was magnified by the Gatlinburg fire a few years earlier. 

I’m not sure if this is advocating for a PM or only doing self management if local, but a good PM will save a lot of reservations when issues come up. 

Offer to also be an advocate for both parties to assure the landlords, (if that is possible, I don't know, not really my space) that they will be able to have open communication with potential tenant.

If you are just getting rolling, that is probably more cost effective.