On the Sidelines Waiting? What Are Your Buying Parameters?

[Karl B.]

I know some BPers are buying now but like a lot of y'all, I'm stacking cash and am looking for deals (I haven't bought a property in roughly 11 months).

I wanted to get concrete as to what numbers I'm going to consider in my newest market, where small buy-and-hold MF are currently selling at around the 1% rule (a $200,000 duplex gets around $2000 in monthly rental income - these numbers have remained consistent over the past 18 months ever since I first studied this market).

1% doesn't excite me much and I decided I'll buy starting at around 1.5% (they currently have some small duplexes approaching this number but they're small and aged) - I want a larger MF or at the very least a newer build duplex with more SQ.FT. so I'm getting good rent while minimizing expenses. 

In my PA market I've bought multi-family properties at between 2% and 3% (monthly rental income/property price); I'm holding out in the PA market unless I can buy a larger multi-family (I don't want a PM and will hire and train someone in-house if I buy a larger MF there).

I wondered what y'all are looking for when potentially pulling the trigger in the market you invest in? 

Have a strategy? Specific numbers? Or are you simply waiting without numbers in mind because you're confident the market will drop and you'll buy when it feels right?