Sit back and wait for the market conditions to flip to where those strategies would work for me, or adapt to the current market.  

And if houses are showing an owner having been there for 10+ years when that owner actually sold 8 months ago, then I might market to a completely unqualified lead. 

But it's playing with fire to buy there if STR is a priority as it's very likely they will eventually start enforcing it better.Yes I've seen this same thing in some of the markets we operate in.

Then they will start the process over.As for finding a market. 

Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential.

I purchased a duplex (Austin, TX) at peak market prices in 2022 for $720k.

@Mark Towey I don't "farm" areas personally, it doesn't really fit the niche I'm personally going after, but what I have heard from some major agents in my market lately is that farming is not near as productive as it used to. 

Even when the market is down, gradually adjust rents so tenants don’t experience a huge price shock later.

The property's strong market demand made it an ideal candidate for a profitable fix-and-flip project.

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off.