Just a rate does not show what options people can find on the market place.I just locked a loan at 5.99% with 1.15 points and no prepayment penalty for an investor.

I recently added a half bathroom in a market where half bathrooms are worth ~$50k.  

Check out other online guides available here: https://www.biggerpockets.com/guides3.

Not sure what market your in but if you can find something that you can potentially at the very least break even then that's a win in this market.

There is a lot of uncertainty in the market for institutional capital, which funds a lot of these types of loans. 

With savings rates so high I'd save in a money market mutual fund until I had enough to get rid of PMI on my primary.

Here are some data points from the past month:Real Estate UpdateHere's the latest market report (based on single-family homes):Mortgage Rates:30-year conventional rate today is 6.27%30-year VA rate today is 5.69%Median Sales Price:June: $485,000July: $487,483August: $480,000New Listings:June: 1,920July: 2,068August: 2,153Median Days on Market Until Sale:June: 13July: 14August: 16Months Supply of Inventory:June: 2.3July: 2.8August: 2.9What does "Months Supply of Inventory" mean?

The offers I'm getting are off market offers through a broker.

Off-market property, which is likely the case if you were buying from a wholesaler, has no financing or appraisal contingencies most of the time.  

This year, I sold 3 of my rental properties (one has a large capital, one at a loss (because I bought it at the top of the market), and the other one breaks even).