Builders typically are NOT long term buy and hold investors.they build they sell they take their profit and do another new build, rinse and repeat.There’s still a delta between seller ask and buyer expectations on existing property which makes sense.

Am thinking of converting a long term rental to a medium rental. 

(To prove your case) It's usually a slam dunk to get a Judgement in SC Court as long as you provide a written contract/lease...

If a market has been flat for the last 50 years, that's a pretty good indication it will remain flat.

Long term friendships with local realtors How did you finance this deal?

Real estate is a long-term wealth vehicle, and overall, I would be cautious about how you define overpriced.

My first place to go would be check how long units similar to the one you're looking for are listed for lease.

I just moved to the area last year from CT and looking to get into real estate investment.

Does anyone have a long term relationship with them who'd care to comment?

As long as he is in this situation he can’t possible get to that point again.But, I may have missed something. ;-)