How many active buyers/sellers is more of a short-term impact, just like interest rates and other things and leading to annual fluctuations.

The high vacancy rates in apartment properties in Memphis may be due to economic fluctuations and demographic shifts; however, they create a favorable environment for potential renters to find affordable housing and for rental owners to innovate and improve their offerings, ultimately contributing to a more dynamic and resilient housing market.

A common rule of thumb is to budget around 1-2% of the property's value annually for maintenance.Management Fees: If you plan to hire a property manager or use a property management service, factor in their fees as part of your operating costs.Contingency Fund: Always include a contingency fund in your budget to account for unexpected expenses or fluctuations in operating costs.Financial Modeling Tools: Consider using financial modeling tools or spreadsheets designed for real estate investment analysis.

I believe the price fluctuation over the last decade has been 10% +/-.  

Economic fluctuations can impact property values.Detroit, Michigan:Pros: Detroit offers low property prices and potential for high returns on investment.

It's about a three and a half hour drive from the Bay Area and has seen steady and consistent growth, even through the market fluctuations that other areas of the state have seen over the past few years. 

.- Interest rate fluctuations: Mortgage rates are predicted to decline, potentially dropping to around 6% by the end of 2024.

This might be easier to handle between tenants.Market and Economic ConditionsMarket Fluctuations: Be prepared for potential fluctuations in the real estate market that could affect property values and rental demand.Economic Factors: Consider economic factors such as interest rates, job market conditions, and tourism trends that could impact the Tahoe area.Exit Strategy:Backup Plans: Have a backup plan in case your circumstances change, such as if you decide not to move to Tahoe or if the rental market becomes unfavorable.Sale Considerations: Understand the process and costs involved in selling the property if needed.

While mortgage rates are a non-issue for you, the challenges of rising insurance costs and market fluctuations might deter other buyers, potentially lowering competition and prices.

Consider whether you aim to build a substantial real estate portfolio for ongoing income or diversify investments over time.Risk Management: Assess risks associated with property ownership, including vacancies, maintenance costs, and market fluctuations.Risk Management: Assess risks such as vacancies, maintenance costs, and market fluctuations associated with owning multiple properties.Tax Planning: Work closely with a tax professional to develop a balanced strategy that maximizes current income offset with depreciation, while planning for depreciation recapture and optimizing use of 1031 exchanges.