Unless there is a recession/depression the rates are not falling appreciably.  

I flipped two my first year and made a great profit $70,000+(2021), I had zero land deals the next year (2022) I had two deals fall thru,  but used my knowledge and resources to get my family into a bigger/newer house ( using subject-to financing), sell my old house and payoff the sub-to mortgage and make $20,000 on top.  

In 30+ years we've been sued 1x (legal blackmail over a tenant's drunken trip/fall) which the insurance company settled for $1,500.00).We've been using some privacy tactics to keep our names off the county recorder and the target off our backs.Further, we review our insurance coverage and premium annually, just to keep on top of any changes.As with all insurance, it seems to be a waste of money... until you NEED it!

This is why I have had my first choice bank fall through in underwriting in both deals where I had a seller 2nd but had a backup that could close the deal. 

@Roy Kinzer Rent control in NJ can be a tough pill to swallow and unfortunately has caused many of my deals to fall apart quickly once buyers/future landlords realize how strict the controls can be.

But if borrowing costs remain high and interest rates don't fall as many people expect, cap rates will have to decompress further. 

But you don't want to end up being a victim of their success.

I took no money from the cash flow (when there was any) and I never made a late payment to the bank.This fall, nearly 12 years after the bank gave me that house, and over 15 years after I knocked on that door - after evictions, vacancies, insurance claims, and never taking a dime out of it - I sold that house and placed all of the proceeds in a 1031 exchange.

I personally do a lot of networking and I get a few deals that fall into my lap a year. 

That's a house of cards ready to fall down fast.