Bottom line is, you can go either way. if you have good historical data and a good understanding of how much utilities will be, you can still include them in rent and be on the conservative side to allow for any spikes.

With rates spiking operators are going to distress sell.

Recent spikes in interest rates have indeed made some investors hesitant.

Lets say interest rates spike to 18% like in the early 80's.

I've got my first baby due this week so the pressure to get the house leased is starting to spike. 

I also studied the demand and supply so I can understand why/when the home is spiking and why it's crashing, the root cause is known. 

Some markets are flat and will have steady tourism year round, some will spike in summer, and have zero bookings in winter, spring, and fall.

I would post the podcast episode on here but I don’t want to spike their extremely low numbers. 

Zillow Home Index had price in Nov 2023 similar to summer 2021 with the spike down from highest market at summer 2022 as result of zero net migration and lesser demand.

Houston is unlikely to see a huge spike in appreciation in my opinion.