(I distinguish this from towns where you can do Airbnb but only because there's no law whatsoever.)

Now, it took me many years and a lot of real estate trading to get to this place with my bank, but that is why I highly recommend that RE investors work hard and finding and nurturing a local banking relationship.

If they can get what they want, they'll sell - often trading up for a larger property by way of 1031 exchange. 

@Jaren Taylor, not sure if this is why you talk about raising all cash, but given most deals are trading in the 5% cap rate range, and agency debt is 6.5% while balance sheet debt is closer to 7%, I whole heartedly agree that all cash is the ideal capital structure for many properties today, if your goal is to maximize overall returns for your investors.  

While there are certainly opportunities for finding trades and deals in these areas, they’re often pursued by local, mom-and-pop operations.

The other markets are in southern states.My buyers are typically the "trades".  

Wage growth is still running at over 4%, above core inflation.This permeates to all workers, including the construction trades, and thus, to the price/cost of homes.

It’s when homeowners who locked in ultra-low mortgage rates during the pandemic hesitate to sell because moving would mean trading up to much higher rates.

Instead you traded that for 800k valued RE and 696k rents.

I don't think that I'd personally trade that in for STR or multi family, the hassle of people is much more than dealing with the hassle of a warehouse business at least in my mind.but if the cash gets your overall portfolio to a place you'd prefer more then go for it, but personally the current deal sounds awesome.