All the locals are competing for deals and there are a LOT more out-of-state investors looking to get into the market as well. 

You’ll definitely find a tenant for it as long as it’s marketed correctly.

INNAGO is a free tool that enables you to market your property, receive monthly payments, handle maintenance work orders, and offers additional features.

@Yonathan Beltran De La cruz, Yes!

-Single-family home sales declined 1.5 percent year-over-year;-Days on Market (DOM) for single-family homes went from 49 to 45 days;-Total property sales were down 3.1 percent with 10,175 units sold;-Total dollar volume was statistically flat at $4.3 billion;-The single-family median price edged up 1.5 percent to $345,000;-The single-family average price rose 3.6 percent to $443,970, which is a record high; -Single-family home months of inventory registered a 4.0-months supply, up from 2.7 months last May;-Townhome/condominium sales continued to decline, falling 9.8 percent, with the median price climbing 12.1 percent to $241,600 and the average price up 7.5 percent to $281,777.

The official source I was able to use is the National Association of Realtors site and it shows Multi-family market cap rate of 6.1% for 2024 Q1 (2023 Q4 was 5.7%).

Have they just been on the market much longer?

@Jon Dawes the best technique here is to lean on other investors in your market. 

On the market.

What are other businesses doing in your market?