It's a combo of low housing supply, higher interest rates vs. seller expectation, and a poor economic outlook for the country.As an investor with a few rentals it's like like the parking brake is stuck on.

You can go as low as 2.5x in some cases but NJ tends to produce enough traffic/applicants where 3x should be minimum unless property is over priced.

Regarding multifamily properties, there are larger ones available, but in my market, the ones in better neighborhoods aren’t for sale just yet.

I made some resources for my out-of-state investors like a neighborhood graded map and contractor rolodex that I can share with you!

Success:  Signing a deal with First WatchFailure: Bought a retail condo, not realizing the low ceilings were such a deal breaker for a lot of tenants.Pain: A lot of turnover this year, especially in light industrialAha moment:  Mortgage note investing needs to be a larger part of my portfolio2025 Goals: Less Investing and more pickleball!

We are in a very low tax bracket this year but should be 10% higher in 2025.

Research neighborhoods near colleges, government offices, and hospitals, explore FHA loans, conventional loans, house hacking strategies, and connect with local investors.Good luck!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

AlabamaAlabama residents enjoy a low cost of living and a thriving economy.

I mostly work in low to moderate income areas anyway so it checks all those other boxes.