Here are some key highlights from the report, which compares October 2025 with October 2024:The median sales price in the City of Austin increased slightly to $552,500 (up <1%), while the greater Austin metro rose 1.4% to $439,000, indicating modest year-over-year appreciation and continued stability.Closed sales were essentially flat in Austin at 786 transactions (up <1%), while the metro saw a 9.6% decline to 2,238.

I am in the camp the appreciation will be modest in the near term.  

Knock around GC, I call them lone wolves, it's the equivalent of junk bonds. 

The idea is not to completely ignore cash flow, but rather to seek deals for their potential for equity gains, even if that means a modest cash-on-cash return.Due to the combined forces of value-add, market appreciation, amortization, and leverage, seeking deals that build equity can generate large amounts of capital with which you can reinvest.

You need to form an LLC, which in Texas costs a modest one-time fee of $300.

Knocks the temperature down about 15 degrees.

Quote from @Andrew Steffens: STR IMO is great for people- Who want to own a second (or third +) home in a desirable place where they can get personal use out of- Investors expecting modest returns but can invest in better neighborhoods leading to hopefully higher appreciation.- High end luxury/unique property owners with higher than average returns.Otherwise you are likely experiencing similar results to what you mentioned, of course depending on the market. 

Even if appreciation is modest, consistent rent plus tax benefits can outpace what a volatile market offers, especially if you value peace of mind in a downturn.

The more doors that you knock on and the more calls that you make the higher the probability someone will give you an opportunity.

Sure, creative finance can make you an extra $60K per deal which, for the record, I am in no way disagreeing with or knocking.