I don't know what market your rental is in.

will 3b has a steady market?

Similar to you, I'm thinking about other strategies for off-market leads and tried direct mailers, but not sure how effective that is for multifamily.

You might be able to get a better yield by finding a value-add project or a BRRR type property, but the market rate stabilized is 4-6% probably.Just be careful of insurance right now, it's been going up and seems to have stabilized, but it's still all over the map depending on the specific property and who is doing the insurance.

@Chris Elliott There are many options left in the market.

Setting up networks of agents, contractors, and wholesalers in various markets. 

If we could afford the price point in our local market we would stay in the Southern California market but its simply too expensive. 

Market changes all the time. 

In the NJ market how likely is cashflow in the first two years?

Madison has a fantastic LTR and MTR market.