The Austin metro market is approaching that territory.Here are the full stats for Austin and the greater metro:On the rental front, a recent Redfin report placed Austin atop the list for the largest year-over-year decline in median rents among US metros:Appropriate rental pricing and high-quality marketing are vital to navigating the current leasing market effectively.

I never had that come into effect on my single family home purchases since I never wanted to personally be on the hook for such a high mortgage, but I think it might come into play for an MFH. 

Most come out ahead over an extended period of time by buying better quality assets where they perhaps have to leave some capital in the property but find themselves able to sell for real gains or refinance out appreciated equity and scale more effectively that way. 

They're often high quality and cost-effective.

Any tips on targeted marketing, effective lead generation, or even some "outside-the-box" tactics?

Start small, network with other investors, and use tools like BiggerPockets calculators to analyze deals effectively.

@Brittany Farrell You may just have to proceed with your lawyer and see what happens.

Not too shabby for land appreciation.That said, I’d keep an eye on the Elon Effect down southeast.

@Phillip Austin I self-manage my properties including some where I do rent by room as a primary strategy, and it is very effective if done well with good screening in place.The difference is starting with shorter leases for me. 

Yep for one especially in the early stages a hard credit pull would not be useful, just have them do soft checks for the time being and opt out of credit solicitation: www.optoutprescreen.com I could be biased... that said typically working with one lender than can help regardless of where you're looking and having a relationship with that will provide the easiest and most cost effective route long term.