What seems to be the case is that all the ones for sale now are overpriced, as the sellers have seen the rebounding market and are hoping the market catches up to their price, not the other way around.I bought my fourplex in 2012 for $177k on Alan Kent.

Now that prices have rebounded the expected returns have entered a much more normalized range.

Here's an example - SW Florida roared with the boom (2001-06) then crashed (2007-10) and has been rebounding since then.

Until I take some kind of action I will just be sitting on the side lines paying 3k in rent.Is it better to wait for the market to rebound to a lower price or to try to find a good deal now?

You should note that the abundance of low value properties that were readily available over the last couple of years are really drying up as the real estate market has rebounded.

Solid stable tenant, but discounted.Now, market has rebounded.

I do not get much appreciation on them compared to my single families, though I did have one that I previously owned go up in value 50%...but that was a factor of buying it near the bottom of the market and then having the price rebound.

It can go good for awhile then take a turn for the worst for then it can rebound, It's a never ending cycle. 

Luckily my new job paid enough to cover my new rent and the difference in the mortgage, I have written off some serious losses from my personal taxes bringing my effective tax rate down to about 18%.Moving along... after 9 years, 2 refinances, and a renegotiation of the purchase price to settle the 2nd mortgage for a fraction of the amount I owed on it (most other homes on my street went into foreclosure so my builder was happy to accept any money for the second mortgage), and the market rebounding to above what I originally paid for the house I have some serious equity in it.

I think Cleveland would be a great first step since it's relatively inexpensive and on the rebound.