It's certainly been an interesting start to 2023, with the stock market rallying through the first month of the year and many of the most beaten-down growth stocks doubling (or even more) from the recent lows. However, there are still some excellent stocks trading for attractive valuations that could be market-beating long-term investments that let you sleep soundly at night.

With that in mind, here are two stocks that look especially cheap today from a long-term perspective that you might want to take a closer look at.

1. EPR Properties: Don't let movie theater headwinds scare you away

EPR Properties (EPR 1.46%) isn't exactly a household name, but if you like to go to the movies, play golf, ski, or go to indoor water parks, you may have been to one of the company's properties. EPR is a real estate investment trust, or REIT, that specializes in experiential properties.

The stock has been beaten down recently because of its concentration in movie theaters, with shares taking a dive after Regal Entertainment's parent company Cineworld filed for bankruptcy.

However, investors shouldn't be too concerned about this. Rent obligations still stand in bankruptcy if Regal plans to keep operating its theaters, and although it has announced some closures, they haven't affected its EPR-owned properties. After all, EPR's portfolio generally consists of top-tier, moneymaking movie theaters that operators would want to keep open.

EPR is a highly profitable REIT, trading for just 9.4 times its funds from operations (FFO is the REIT equivalent of "earnings") due to its movie theater headwinds. The company is actively growing and diversifying the portfolio, and sees a $100 billion addressable market of potential properties to acquire. With a current market cap of about $3.2 billion, it's fair to say that EPR could get much larger in the years to come.

EPR also pays monthly dividends that are well covered by its profits. Based on the current stock price, EPR yields 7.6% annualized. So, not only does the company have lots of room to grow, but it is a fantastic income stock -- and this combination could produce market-beating total returns for patient investors.

2. General Motors: Could this be the best EV stock to buy?

General Motors (GM 4.37%) has performed extremely well since announcing its fourth-quarter earnings, and it's not difficult to see why. Even with supply chain disruptions, GM managed to handily beat expectations on both the top and bottom lines, earning $9.9 billion in net income for the full year. And even after the recent rally, GM is a very cheap automaker, trading for just 6.4 times the midpoint of its forward earnings guidance.

Not only is GM's business doing well now, but it could be one of the biggest winners of the wave of electric vehicle adoption. The company has started to introduce electrified versions of its most popular products, with models such as the Silverado pickup truck and the Blazer and Equinox SUVs expected to roll out in 2023. GM has exceptional brand loyalty working to its advantage, proprietary battery technology, and excellent relationships with large buyers (like the U.S. military).

In addition, the Cruise self-driving vehicle company that is majority owned by GM is extremely promising. The company already has a fleet of robotaxis in San Francisco and hopes to scale the business up to as many as 5,000 vehicles in the near future, hoping to achieve $1 billion in annual revenue by 2025. And this could be just a starting point, as GM believes Cruise can be a $50 billion-per-year revenue generator by 2030 as the autonomous vehicle industry evolves.

Buy for the long term

I think these stocks are great investments to buy and hold for a long time. I have no clue what they'll do in the next few weeks or months, and if the economy takes a turn in the wrong direction, they could certainly come under pressure. However, these are both well-run businesses with lots of growth potential that are trading for extremely cheap prices, so they are definitely worth a closer look right now.