This are truly amazing and miracle actually to see how almost similar asset class react differently into the same interest rate event. 

First, allow me to define small value-add Multi-family, I speak with a broad brush.. anything legally zoned duplex up to 50 units (I'm excluding Class A-B big MF) To set some context, most of the investors that reach out to me are not from Charlotte, or are not intimately familiar with the market here.

Self managing out of state is very easy if in class A or B+ market.

Check out Neal Bawa's latest offering by his GroCapitus group, BTR 92 townhomes in Idaho Falls.  18%IRR, 75/25 split, then 50/50split above 19%IRR or as docs say >25% AAR, he has 3 share classes, 6/7/8% preferred returns for higher investments02.

I am looking for B class areas.

I invest in SFR in C+ class areas.

@Heather Hall your title rep or customer service rep can pull all the recorded FHA and VA loans recorded 2020-2021 when rates were under 3% Be super careful with the VA's they are a protected class in 9 out of 10 cases and recent overturn in VA mods indicates those in trouble will end up in court. 

@Michael RobertsonThis is an asset class I specialize in.

Why buy the real estate equivalent of a penny stock when you can afford to buy blue chip aristocrat dividend stocks (Class A multifamily properties in good locations with actual strong fundamentals like population growth, a diverse and recession-resistant job market, limited supply and high demand, affordability, and consistent long-term appreciation)?

Quote from @Josh Green: I personally am buying and helping clients buy in the Tampa Bay Area for a few reasons:Here, you have a historically strong and consistent tourism presence, limited land/STR allowable areas, highly liquid property compared to selling a cabin in the woods, all 9 classes of visitors in the STR sector, and appreciation.