Quote from @Ryan Kelly: @Gregory Schwartz as painful as it has been, the Austin market needed a breather and a reset on pricing following the pandemic.

Pre-pandemic we were averaging closer to 2%+ on most rentals, meaning if you were all in for $100K, the rents were closer to $2K.

That's a $296,000 gain for investing in CA.Meanwhile, if we take the 2015-2020 5-year appreciation that Idaho experienced before the pandemic (62%) and apply that to the 2 properties you were able to buy with the same $200k, both properties would appreciate from $400k to $668k.

On the other hand, many landlords were able to obtain low mortgage rates during the historically low interest rate environment during the Pandemic, allowing them to offer a much more attractive housing cost to renters.

During the pandemic I refi this one to a 2.99% rate.

There are a lot of people who bought during the pandemic that are now trying to get out. 

@Rocco NicolettaMy wife and I have done 2-3 flips/year on Oahu since 2020 (yes, we started in what turned out to be the start of a pandemic....). 

I would probably start in Albany and then 1031 into 2-3 multifamily buildings in the city, but you'll do you and I'll do me.I live and invest in east side of Rochester, NY, there is a shortage of houses due to 20 years of negative population growth followed by significant growth post pandemic. 

However, pricing in Austin is still substantially above pre-pandemic levels.

Obviously, things can turn quickly if there is some sort of black swan event (pandemic, war, deep recession, etc.).Hope this helps you guys!