I think it's the best market in the whole country in my opinion.

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

Do you know the other markets well? 

We listed strategically and were under contract in 2 weeks in the slowest part of the year (December) whereas all the other similar homes in the neighborhood have been sitting for months and still sitting on the market. 

Last year, I purchased a SFH under market at 7.65% interest rate and did some rehab to up the value.

Finding great off-market deals can feel like a needle-in-a-haystack challenge.

How much weight do you give to the cash flow benefit of cheap debt when the property is priced above market?

Quote from @Aishan Gonaduwage: I am seeing good deals in Detroit that could cash flow in the current market.

"Inflation expectations" is a purely rational and logical way to look at it, but let's consider that bond market buyers/sellers aren't 100% comprised of Vulcans, and that there are highly emotional and irrational individuals among them, as well. 

I have been in the STR market for the last 13 years.