Ability to acquire properties at 50% below market and generate  at least $800-$1k/mo cash-flow (inclusive of 10% management and 10% vacancy). 4. 

What type of returns do they produce, esp. in a medium-interest-rate environment?

For buyers, the current environment offers the chance to negotiate better deals, particularly in areas where sellers are more motivated.

DMU is the closest to a campus environment, but it's small and it will be relocating to West Des Moines soon so I'm not sure what that means for those apartments...Maybe Ames is worth a look if you are actually looking for college rentals. 

As you've mentioned, markets have experienced staggering increases, sometimes in the triple digits, due to natural disasters, inflation, and changes in the insurance industry.Adjusting ExpectationsIn my opinion, underwriting for 5-10% YOY increases seems much more aligned with the current environment.

I have other Syndicators that are doing what they say they do under this interest rate environment.  

Land contract is what would work best for you in that environment.

That was another part of this "sweet spot" since I am moving away from Alaska for mental health reason and therefore to optimize my remote work environment and I will be 100 miles away from my first FHA, I was able to find a lender that would give me a second FHA.

But, as others have said, cash flow in this environment is tough and for new investors, they can be baited into cash flow now which means more difficult tenants, lower C to D areas, and expectant capital expenditures.

The issue now is to find a property that will cash flow a little or at least break even (given this interest rate environment as we know the <5% is a thing in the past by now).