Are they foreign nationals on a work visa?

The official source I was able to use is the National Association of Realtors site and it shows Multi-family market cap rate of 6.1% for 2024 Q1 (2023 Q4 was 5.7%).

And I know, I know, that's what you were doing here...but this is more of a national website. 

Hi BP friends,I recently have been looking at STRs near National Parks, and I wonder whether it is a pure cashflow play, or a combination of cashflow + appreciation play?

I was the featured speaker with a local group (actually nationally presented) on building energy efficient homes. 

Your competing with big national lenders that are offering financing with low rates by buying the rate down. 

Without diving deep on numbers, places like Wisconsin Dells and surrounding areas, Munising, MI for Pictured Rocks National Lakeshore, anything near Mackinaw Island - Cheboygan and Saint Ignace, lake towns near Boyne/Boyne Mountain to get some summer and winter traffic, maybe something near Arcadia Bluffs that sleeps 10-12 to host larger groups coming on a golf trip. 

To manage properties effectively, ensure tenant satisfaction, maintain the property, and handle legal matters, hiring a property manager who is a member of the National Association of Residential Property Managers (NARPM) is an excellent choice.

Some US Private Money/Hard Money lenders have a Foreign National program and some do not. 

I know nationally there has been a glut of MFR entering the market.