I'm getting too old to wait, so if I have to take things in my own hands, I will.Here is the caveat, I came back to do this because I am extremely passionate about sustainable development, net-zero carbon, thermal mass, compressed earth block, rammed earth, hempcrete and others with all the add-ons like rainwater collection, solar and permaculture.

Springfield had followed the national trend with cap rates being compressed but I am personally seeing them being opened up a bit more within the last few months but that could just be the winter season in general

@Matt C.just to be direct, cash flow has really been compressed everywhere. 

TONS of job demand, no issue in employment, but it's the disparity gap getting bigger, compressing spendable income.

This industry standard has been adopted over the past several years, and during that same tenure cap rates have compressed mainly due to a decrease in interest rates.

That compresses margins, so you need to either be willing to operate with smaller margins and more risk or find leads that others aren't working. 

.- Competitive pressure to deploy capital compressing dropping of rates. - Buyers are underwriting portfolios to as-is rents.- Machine learning models are helping to reduce risks.- Reverse migration to Rust Belt is occurring based on affordability issues elsewhere.- Scatter site is a defensive asset offering a lot of optionality.- Market conditions are challenging for scatter site hold unless you are underwriting a 10-year hold.- Setting up operations for SFR from scratch is very difficult.- One investor is buying at cap rates in 5s or 6s.

That means "IF" market rent's compress just 10%, you're Cash-Flow is GONE. 15% your in the red..... 

While multifamily is appreciating over last ten year between 2012-2022, that is true because you have cap rate compression from cap rate 7-8 market to cap rate 3 market. 

I would do nothing with it right now as the cost to borrow it is too expensive and real estate returns have been compressed.