This is just markets behaving normally, Austin was my first target two years ago once I got wind of the permitting and homebuilding we saw the long coming in and whether it was 2,3 or 4 years the entry point was way in front of us.I don't know if anyone gets "use to" 7% rates without home prices behaving and/or wages responding appropriately.

Given your focus on equity and scaling for future development, targeting properties where you can force appreciation through value add renovations seems like a natural fit.

To scale, I’d focus on defining financial goals, targeting specific property types, diversifying, and building a solid network.

Once you're able to hit all your projected targets on one new acquisition try doing 2 at once and so on.

Have you thought about targeting mid-term rentals, particularly given the med school proximity, or STR given the hotels nearby?

There are some specific areas that I love helping investors target for multi family properties in PHX. 

@Tim Swierczek, my current plan is the target $10k/month from paid off rentals.

We target insurance and corporate bookings as well as travel medical professional agencies. 

However, consider the higher interest rates and make sure the rental property you’re targeting can cover those costs.

@Hector EspinosaFrom my perspective, a smart real estate strategy involves targeting cash flow in long-term growth markets like Texas, the Carolinas, Tennessee, or the Midwest, focusing on Class B/C+ neighborhoods for stability and manageable maintenance.