In my market sales volume is still good, there are more price decreases than contracts right now. 

Yes, that also accounts for your Taxes and Insurance, so your debt service should go down too, but not in lockstep with the decrease between gross rents and NOI.The correct calculation would be NOI/Debt Service, so $6,600 (or whatever NOI actually is)/(P&I). 

Inventory spiked in 2007/2008 but since then has been decreasing to an all time low in 2021 and 2022.

To add to that, most properties in the neighborhood had a decrease of a few hundred dollars in assessed value for 2023 vs 2022, while mine was hit with a $10,500 increase.

This approach decreases your risk of a single employer leaving town and it having a drastic negative effect on the local economy. 

The basis for depreciation is the lesser of: The fair market value of the property on the date you changed it to rental use, orYour adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis." 

Even the Fed is openly talking about rate decreases in 2024.

It gives them more reason to stay in their current unit, decreasing turnover. 

@Kris KelleyHouse Hacking can save you money in the following ways:Lowering your monthly housing allowance through generating revenue renting out portions of your property.Lowering your taxable income base by acquiring extra tax write offs (mortgage interest deduction).Decreasing transportation costs like gas.Decreasing unproductive time spent sitting in traffic.Having the possibility of removing your car payment, insurance, and maintenance expenses completely.Learning how to be a landlord and transitioning into the world of real estate investing.And more!

No one knows how long, and once it decreases, does anybody believe it'll drop as fast as it raised?