Quote from @Jenni Utz: You have that built-in equity on the deals that are off-market.

It's an interesting time to invest in the Phoenix area as we are starting to see interest rates coming down & in some pockets of the Valley, we are even seeing a balanced or in some cases a buyer's market. 

Search for "real estate vs stock market" or something similar.

I would start looking at listings and familiarize yourself with these markets. 

Saturation is definitely upon us but quality product continues to get booked just like other markets.

San Antonio is a growth market.

I would absolutely counter with a price closer to market and see how they respond.

Additionally, their marketing was very compelling.

You can arguably make it work in any market.

But usually section 8 is the same or slightly above market rents.