Mystic & Stonington CT vs. Westerly & Narragansett RI

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Hi Everyone, 

We're planning to purchase our first STR investment in the Southeastern CT/RI area and I'd love any insights or advice on the area.

We have family in both the Mystic CT and Narragansett RI area and I'm from Westerly Rhode Island, in the middle of both.  We'd like to find a single-family with 3 bedroom that we could rent as a short-term (or student rental in winter in Narragansett) and use the property a couple of times a year (off-peak) for ourselves to visit family.  If we could accomplish that and cash flow we're feel great. 

I'm bullish long-term but a bit apprehensive on entry given the huge price-spike we've seen in these areas.  Will rents sustain the increases? 

We'd love something walkable - either to the beach in RI or a downtown area, like Mystic.  Our budget will be somewhat restrictive at $500-600K for really close proximity though.  Not as much near the beach at that budget.   

Having a hard time deciding which would be the best locale investment-wise: Mystic? Westerly? Narragansett?  

Any and all comments welcome - thank you, kindly!

Joe 
  

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@Minna Reid thanks so much! Yeah, we looked into this property a bit more and have decided to pass on it.  We're really just not in a position to renovate a large home, especially given the contractor climate. Figured it would be $75K+ to do it right. Will be looking for more turn-key solutions. 

Thanks for the advice also on the local ordinances.  Will be researching more...

Joe