San Antonio is a big market so no shortage of deals. 

I have rentals in the Upper Peninsula of Michigan and there seems to be a shortage on rentals.

Housing shortage - which in some part is driving the valuations higher in the order of millions of homes short of demand in the country.So, in short, the deck is really stacked against you at the moment.  

Quote from @Samuel Diouf: Columbus, Ohio, should be on everyone's radar as the population continues to rise, the housing shortages keep increasing.

If we are to assume a 3.5% appreciation, which I consider very low when compared to the shortage of houses and growth in Columbus, if you put down 25%, that 3.5% appreciation is a return of 14% of the amount you invested. 

You understand there is a housing shortage today.  

In most states, we have a severe housing shortage right now, and not enough homes for buyers- you just need the RIGHT buyer who won't mind a little sweat equity to live in a dream location in a fabulous house!

@Allen Parker real estate is not as liquid as the stock market, so not a good analogy.Also, you're forgetting that the US has a serious housing shortage.The question is, finding areas with shortages that have affordable entry points compared to rents.

Not with all the supply and labor shortages going on. 

Do you feel like there is a housing shortage at all in Lubbock?