Purchase prices have corrected: Home prices are down nearly 20% from the 2022 peak, with median prices at $445,000 (down 1.7% YoY).

I structure leases as furnished, that way I can flex to STR during peak seasons and not have to move any furniture to storage.

If you go back and look at 2008 prices in any market there has been steady growth over time and we would all love to buy at 2008 prices or the pre 2008 peak prices.

Buying at peak (my 21 and 22 investments are likely complete losses), buying on floating rate loans, misalignment of sponsor (acq fee resulted in about a 5x+ return to sponsor day one. 

For upscale properties with 3 bedrooms and 2 bathrooms, we are observing: - An average occupancy of 65%, with seasonal peaks between January and April - Average annualized daily rates of about $450 per night, similar to last year - Consequently, the top performers are generating around $110K in gross annual revenue - Average listing price of for-sale properties: $800K - Rough Rent-to-Price Ratio (RTP): 14%, which is good but not great.

I bought a property in 2013 and sold it in 2021 at the peak and todays it is worth 35% less than what I sold it for.  

While it’s true the tenant pool can shrink a bit during the holiday months, it’s definitely still possible to find a solid renter, especially in a strong market like San Antonio and with a well-priced 3/2 in a desirable area.A few tips:Price it right and market it well (photos, clean listing, broad exposure) and you’ll likely get interest, even in November or December.Consider a lease that ends in spring or summer (like a 15- or 18-month lease), so you're better positioned for future turnovers in peak season.Best times to rent are generally spring through early summer (March–July), but life happens year-round—there’s always someone moving due to job changes, family needs, etc.If your place is rent-ready by September, no reason to wait.

Quote from @VJ B.: Yes, and you are really at the mercy of HUD and the timelines.

This is unusual, as inventory typically rises in the fall as the peak spring/summer sale season ends.Sales - Median $/SF by MonthThe price per square foot recovered some from last month's unexpected drop, in line with the gradually decreasing inventory.Why invest in Las Vegas?

This means they've navigated multiple peak/off-peak cycles, managed seasonal rate adjustments, and survived the industry's rapid technological shifts.