In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

Unless you are sourcing properties yourself off-market, REI became much more challenging in 2023, and downright brutal since the start of 2024 here.   

So it could take a decade to get to todays market rent. 2) it’s almost impossible if not impossible to non-renew a tenant, especially if you’re not an owner occupant. 3) As a seller, even if I could remove paying tenants I never would without a non-refundable payment from a potential buyer that covers all vacancies for 6 months if they fail to complete the purchase. 4) You MIGHT say as a buyer that’s worth it.

Are they at market rent, or locked into below-market rates?

Unless you have $5 - 10k MONTHLY to spend on marketing this is what you need to do to have any chance for success with wholesaling.  

@Todd Anderson totally agree on finding a mentor in the market to learn from.

Market forces are pushing and pulling but not a source of anything breaking.

I live in a very expensive market (Seattle, WA) and I am looking to invest out of State.

There is no one size fits all answer for this question, market to market, and property to property are all different. 

Hi Kedric, welcome and I'm in the Atlanta Market.