Properties here often fall well below $150k, and the market is expected to see home prices rise by 10.5% in 2025.

(Rising Treasury Yields Flash a Warning SignMohamed A.

Super cool apartment style living, but all one story.

Also Condos are dealing with high special assessments.

Rent growth is a function of supply, demand, and interest rates:- I'd ground any forecast by stating I expect national rents to rise on a pace more or less in line with inflation over any long time period. 2-3% per year.

Being a real estate professional allows you to treat the income as non-passive, allowing higher high income tax payers to pay less in taxes.

Your second property is either a highly leveraged property to round out. your 1031. 

Even though there is low inventory, interest rates are high, and many properties don't cash flow, look harder there are always deals, you just need to find/make them.

@Roy Kinzer Rent control in NJ can be a tough pill to swallow and unfortunately has caused many of my deals to fall apart quickly once buyers/future landlords realize how strict the controls can be.

And the reason why your "tale of two halves" will play out as you described.Demand:  This has actually been high almost all along, but rent growth hasn't materialized in response due to high levels of new supply.