Multiple offers on day one or two are common for good properties that go on the market as inventory is still really tight (both single and multi family).  

It is a smaller city, so there is less inventory, but also lower prices, and not proportionately lower rent. 

New builds can limit your near future exit strategy some as you could be competing with the builder's inventory.  

Now, there is less than half the inventory it takes to have a balanced market (one that favors neither buyer nor seller).

The inventory is too low.Options: If you're accounting for the economy in your living situation, you can "cheat" yourself into a cashflow position.

Low interest rates and low inventory i believe is creating artificially high prices. 

Prices remain strong due to very low inventory.  

Considering the eviction memorandum will most likely continue, don’t think we’ll see enough inventory on the market to drop prices.I think this strategy makes more sense if you are moving from a big city (LA, SF, NYC) with high costs to a much cheaper city/state.

@Ali Boone, you are very right; Housing demand are high now I am presuming because of an inventory issue as well as the low interest rate?

That type of tenants are still there but they have more inventory to choose from than normal so expect a long days on market.