Every reasonable house that goes up for sale in my city is under contract same day or next day.
I had been looking for another rental property, but wow, really not worth how much I would need to overspend.
In exactly the same boat. I found a good one 5 doors down from an existing rental of mine I bought just five years ago. The sticker shock initially was a lot, but the rent increases made the numbers work. I hesitated and didn't go the first day, already under contract before I could get out there. Then another one got posted as "coming soon" for about $12,500 more, nice finishes, good condition, etc. That additional $12,500 really put the math into a gray area so I held back, then the day it hit the market, also under contract. As much as I want another rental or two so that I have a place to gain some return on my cash, it's just a dangerous market to chase right now I think.