Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

Here are a few additional ideas that have worked for me and others in competitive markets like Austin:Off-Market Leads from Contractors: I had a friend who rehabbed a house in North Austin last year.

Many of my friends lost everything in that fire..

In my circle of family and friends, I will say that anyone that owns RE especially in CA has over at least several million in networth and they weren't high W2 earners (no surgeons or attorneys, but librarians, accountants, etc) but this takes years 15 to 30+ years..

I have to decide if im going to use a new injection of capital from the sale of my primary residence to:1) Hold in treasury bills at 4.5 percent until I find another property to purchase2) Pay off one of two existing mortgages, one at 3.75 percent and another at 4.5 percent3) Just find something to buy that beats either of those percentages on paper and be done with it4) Possibly loan out some hard money/broker it to a friend to allocateIts never an easy decision, but its a good problem to have.

If someone doesn't want to do the work and put in the time to invest in RE, stocks and index funds is probably the better way to go - I've stopped trying to convince my friends (the mortgage free people) the benefits of RE. 

Being a solid investor friendly agent doesn't solely rely on pitching people off market opportunities.

I am experiencing the same issue and I have professional photos, using a reputable real estate broker, and in a very rental friendly market.

I don't believe my modded system at home is user-friendly enough for randos at an STR.

Once you buy a few the deals start coming from all places you wouldn't expect.I met a business owner in town and became friends.