The Fed is still trying to battle inflation, so that's a big factor in all this. 

I saw a bunch on the south side of Chicago with 20% inflated prices and cap rates that assume the tenants consistently pay rent and don't factor in the increased wear and tear of D class tenants.

@Dave Meyer Will inflation, higher interest rates, and low supply ultimately price out many millennials that are in the prime buying ages?

Due to the home price inflation and rising interest rates, buyer's need to feel as if they are getting somewhat of a deal.

Hoping to repeat the process, we opened escrow with a smaller property in the same community, but the math shows we will be losing about $300/month for the first year or two due to interest rates/inflation of home prices in the area.

Things to think about;- Will the STR market hold up through continued inflation and a likely economic downturn/recession? 

Plus, real prices (inflation adjusted) have more than doubled in the past ten years after remaining largely even for the prior forty years. 

I'm currently in year 2 of my first mortgage and according to Zillow (which I have a gut feeling may inflate values), I'm already at %.79 LTV.I'd like to drop my $175/mo PMI so I've contacted my mortgage lender and a local appraiser.I've already made improvements to the property such as removing a bunch of cracked concrete from the front yard, replacing with grass, plants and a nice paver stone walkway.

I live in northern VA, have been househacking for five years and also have a paid-off condo about two hours away that hasn't appreciated beyond inflation since I bought it 14 years ago. 

That's what I use for my investment properties.As a Investment Advisor, I'd caution you on holding so much in cash while inflation continues to be high over the next few years.