PITI increases. 

This is where your focus should be, not buying section 8 rentals or focusing solely on increasing your portfolio by 2x, 3x etc.

So you not only have to increase production to get the price down there, but also increase production to out-grow OPECS reduction in production, because they will throttle production to keep there profit margin nice and fat. 

This limited inventory will likely continue to drive up prices.Sales - Median $/SF by MonthThe $/SF had a robust increase MoM.

Multifamily properties can benefit from forced appreciation, where you increase value through renovations and improved management, potentially achieving 5% to 7% appreciation annually, especially if the rental market remains robust.

Here are some key highlights from the report, which compares January 2025 with January 2024:The median sales price for the greater Austin metro fell 4.7% to $409,765, while the City of Austin saw a 4.7% increase to $553,465.Total sales in the metro rose 1.1%, whereas the city saw a 4% decrease in closed sales, demonstrating continued demand in spite of economic challenges.Pending sales under contract dropped 7.5% in the metro and 1.4% in the City of Austin, suggesting a slight decrease in demand at the start of 2025.Listing inventory increased 16.5% in the metro and 15.5% in the City of Austin, resulting in 5.6 months of available housing inventory in the metro and 6.2 months in the city, approximately one month more than in January 2024.According to the Texas A&M Real Estate Center, a balanced real estate market has around 6.5 months of inventory.

Airbnb claims that setting up a "photo tour" on your listing will increase bookings by 6 percent, for example.  

Overall, NC listings increased by 9.1% from Jan 24 to Jan 25; however, sales remain flat. 

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

The numbers seem pretty fair.. 40k down, 900k asset,  all rented out, 7.5k GR with room to increase,  5.7k PITI, no balloon payment.