Data and the political (and overall business) environment plays a huge role. 

With the regulatory environment surrounding short-term rentals always in flux, I'd never buy a place using Airbnb numbers.

Low inventory and pent up demand are keeping prices higher (and still rising), even in a higher than previous (but historically average) interest rate environment. 

The north side of the Lake has a different environment.

Finding LPs in this RE environment is challenging and would be even more challenging for a sponsor who has not yet brought a syndication to a successful exit.  

The city's diverse economy, favorable tax environment, and high quality of life attract a steady stream of new residents, ensuring robust rental income and long-term growth potential.

- personally at SMARTLAND as experienced heavy lift multifamily operators - it is a complex process and requires a team, time and skill - Yes, you can lift a property and value moderlty quickly if you have the right tools and process in place, no doubt, but you have to also have the correct financing tools in place and appropriate cost-basis to withstand turbulence along the way - (no straight path) - the short term mezz loans into this constricted/constrained lending environment is tough, even more tough with raising cap rates, market repricing = requires more time to season and continue to hold, unfortunatley as we have discuss to the max on this forum time was not on this operators side with the short term adjustable mezz loan -**Pref Equity has entered many deals in the past 18 months advance of LP positions, also took a GP slice along the way  ---- 

With our higher interest rate environment, 3% or 5% down may not be enough to be cash flow neutral.

Having $200k and trying to get over a 50% return to start in this economic environment is going to be extremely challenging but even more riskyBesides replacing income look to other areas where you can reduce costs

These places are usually a peaceful and neutral environment for important discussions.