And while short-term rentals are the big draw here, there’s also growing demand for mid-term rentals from snowbirds and traveling professionals, as well as long-term housing for the increasing number of permanent residents.Yes, higher interest rates are a factor, but the strong rental demand in the Panhandle often helps offset those costs.

As in most things, It's best to draw from a number of resources to get different points of view. 

I'm taking everything you mentioned into consideration.  

-Rehab funds are usually held in escrow, which will require you to request draws. 2.

Marcus & Millichap’s report also mentions the importance of universities to Pittsburgh’s rental market, “The considerable number of universities in Pittsburgh will provide a diverse hiring pool for the area’s growing tech sector in 2017 and beyond.

Overall, while multifamily properties can be lucrative, they require careful consideration of the financial and operational challenges involved.

I care most about the Internal Rate of Return (helps me determine how long to hold a property), the cash on cash return (helps me decide why this investment vs other options, and it also takes into consideration appreciation of the property!)

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

As someone else had mentioned, the prospect for appreciation should be a strong consideration. 

It's gotta grab people, draw them in, stop them in there searching tracks.