I think your correct though folks have to adjust to the new normal and the interest rates they are not coming down like folks hoped for I think we are in for a run of years were rates will be more like the 2000s  6 to 7% and Owner occ in the 5s with Maybe some high 4s. but by the time folks wait for that prices will rise in the better markets.

There are markets that have built in "gotchas" like the rising cost of insurance in coastal FL, regulations in much of the west coast states and property taxes in Texas; however, the deal itself is the most critical factor.

From what I can tell, it seems like most of the very small towns in this area; tons of trailers, single family homes, no visible high rises or larger multifamily that I saw. 

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

- Dont be fooled by rising prices - they may be lagging the rest of the area for a reason!

Moving inland, Dover presents a more affordable option with rising demand for multifamily units and a steady rental market, though its short-term rental potential is less robust than coastal towns.

Rising interest rates at the time created downward pressure on our ARV.

You can read more about it here: https://www.bridgemi.com/business-watch/what-michigan-can-le....Regardless of which market you choose to invest in, it's important to understand the area well and identify neighborhoods on the rise.

But is in a rise of land so it has a broad view down the valley.  

Where I'm from people do not like living in apartments/high-rises and so on, but I think more options like that would make housing more affordable to the average citizen.