To @Bruce Lynn point, the rents are not high compared to house values right now - shortage of supply is driving up the prices.  

I've heard of mentees who started cleaning up construction areas on a flip at the end of each work day or picking up supplies at Home Depot and delivering them to the job site.

I might wait until the picture becomes clearer regarding the city's newly liberalized building code which will apparently allow the use of CPVC and/or PEX water supply piping.

I am new to the area, and I feel like the general consensus is that it's overpriced, but is the supply there?

Despite the hurdles, the median time to contract has increased by 12.90%, showcasing the market’s resilience and adaptability in the face of challenges.With active inventory soaring by 30.70% and the months supply of inventory climbing by 37.5%, it serves as a gentle reminder that in the realm of real estate,a delicate dance between supply and demand, opportunity and adversity.Palm Beach Townhomes & CondosNow, let’s shift our focus to Palm Beach’s bustling streets, where townhomes & condos exude an irresistible allure, merging urban chic with coastal tranquility.

This market has very little supply and seems overpriced in many facets (less than 100 MLS properties), but I'm determined to find a good deal within the next 3 months.Capital is now fully acquired and just looking on ways to find and analyze deals.

A "quick math" AirBNB analysis would have me just under breaking even on the mortgage after accounting for management, AirBNB fees, CapEx, vacancy, routine repairs and about 10% set aside for other STR related supplies.

If rates decrease significantly in the next 1-4 years (and there is no significant increase in supply), prices will increase. 

Make sure to look into supply, insurance, taxes, etc. if you invest there.

So it looks like if your shopping at a multiplier of median home prices, yup, that inventory is finally not below the threshold for shortage.... by 0.2mnths supply....