It is about supply and demand. 

So Supply and demand have really shifted quickly. 

Basically, the demand is much weaker than the supply. 

Here’s how it works:Population Decline or Stagnation: If the population is static or shrinking, the current housing supply meets demand, and property prices decline (in inflation-adjusted dollars).

A new owner with more capital can easily come in and decrease vacancy rates and increase supply to realize a 2-3x revenue.

The Wichita market currently does not have enough supply to meet the buyers need. 

After a rough first year where I lost money for 8 months followed by another 4 months of learning how to self manage remotely, I had a great 13th-25th months where we have kept the placed booked, kept it profitable, and largely reinvested into the property.Here is the question though-  to buy the first property, my wife and I used a HELOC on our primary and used that for the downpayment on a new property,  for the furniture, appliances, etc, and all of the other little costs that go into getting going.  

Hope this is helpful as Texas markets are sometimes not that easy to navigate when it comes to long term rental due to high property taxes and an overwhelming amount of supply on the market.

we invest in non performing mortgages (and do some short term RTL's), and the indicators we look at are our inventory supply and where is the inventory.

Finally, The rent control discourages further development, limiting supply which results in higher rents.So rents go up, but the rent control advocates are too uneducated on the economics of the rent control policy to see their role in the rent increase.Another consequence of rent control is no value in keeping the property as nice.