A lot of institutional money has come in driving up prices and compressing cap rates. 

I expect to see some markets, like Phoenix, Tampa, Austin, Dallas, etc drop by 30-40% and others that have had less of a run up and cap rate compression to drop 15-25%. 

Dallas similarly has slightly older properties, cap rates have beef compressed for a few years.

Pickaway County,  if your referring to success in rent collecting  its definitely worse, if your talking about demand the cap rates have compressed, I am not looking at the moment

So, in return for needing more money to sort of play the game, and for somewhat compressed returns, you get a pretty stable asset: it's unlikely that property values are going to absolutely crater (although some parts of NJ have experienced this), and I think even more unlikely that rents are going to crater.

Not crazy low, but more compressed than I would have hoped for. 

Everything is compressed into a short time period and it needs to be perfect. 

For example, if you are making 250k with a very low risk (single digit bustout risk) portfolio, does it make sense to increase that 250k to 350k with compressed margins and more exposure to a downturn?

In markets that are flooded with buy and hold investors then rent compression is a very real possibility. 

What I've been seeing and hearing, a lot of the funds that are backing rental loans are moving cash into loan types that seem "safer" to them as the difference in those rates and  DSCR rates have compressed.