"Limited supply due to tough zoning and restrictive permitting process, high construction costs, and expensive dirt, and population increases (guess AI hasn't gotten the memo that population has actually decreased)". 

Notice I say advertised and not going for because next, you will want to see how long these properties have been on the market and if they have decreased their rental asking amount.

Good renovations done at purchase should decrease repair and vacancy cost. 

Do you believe mortgage rate will start to decrease?

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

You can find higher ROI (on paper) here and probably in other cities…but the probability of actually collecting rent significantly decreases.

There are times when the market increases or decreases rapidly.

In addition lower rents will decrease the value of a property, not necessarily its appraised value, because no buyer will desire to pay retail for properties with reduced cash flow.

YoY is up 3.5%.Rentals - Availability by MonthThe number of homes for rent decreased MoM, also bucking the seasonal trend.Rentals - Median Time to RentMedian time to rent increased in November to 30 days.

And lastly, I search FunishedFinder listings nearby, find comparable properties, and track the listed rent for a few months (does it increase, decrease?).