I agree that austin from up close looks like a declining market but from a birds eye view, it makes for great opportunities! 

I have only been declining based on credit so far so I haven't gotten to the point yet where I needed to do the prior landlord interviews, but will definitely be interviewing as many prior landlords as possible.

As you scale up more locations, staffing scales not just per location but also via that middle management which declines bottom line net so have to scale more to offset. 

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

Data suggests that both of these places have been on a decline for years.

This year has been harder than previous ones to fill units quickly and rents have been declining in many markets. 

Is this a highly populated area, are there lots of jobs, are people moving to the area or is the population declining?

.- using year 2000 includes one significant property value decline. - neighborhoodscout includes the year 2000 in their free infoI would use 3% (it has 2.9% since 2022) long term appreciation.  

Yeah, things would decline a hell of a lot. 

@Breeya Johnson the entire market currently is in a cooling cycle with price declines and inflated expenses like property taxes and insurance.