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

.- Even if all of you reading this planted a 1,000 acres; that would not but a dent in the demand, and decreasing availability.- If the world goes into a recession or depression. 

With inventory slightly decreasing in November, do you anticipate increased competition heading into the new year, or are higher mortgage rates keeping activity balanced?

If rent does not increase at the rate of inflation, the cash flow decreases overtime.  

decreasing appreciation?  

To decrease the amount of money you pay out of pocket you could turn part of the home to a STR or MTR.

My goal is to add verbiage within the lease that will decrease any tiffs between tenants for the common spaces and how to set expectations and promote group effort with cleaning the common areas/shoveling snow/personal dishes/shared fridge/laundry/having guests and so forth. 

If an asset is throwing off a certain yield that is not commiserate with it's risk, then investors will then begin paying more for that asset, thus decreasing it's yield....or start paying less for the asset which would increase it's yield, until it was at the proper risk/return rate to produce the yield that is truly reflective of it's risk.The problem is novice real estate investors get the risk/reward correlation backwards.

If this is how a cash out refinance works, it feels like the strategy is to either have more to rent out within the property (multi-family), wait for average rents in market to increase, rehab the property more and increase rent more, pay off the property/ more of the mortgage and refinance again without a cash out to decrease the mortgage (I don't even know if I can refinance a property twice)? 

I have added pre-payment penalties on my refinance loans to decrease my rate substantially.