@Brandon Elliott-Pandey
Take into consideration that STVR are more like businesses than they are like long-term rentals. How competitive you are in regard to other market players really matters.
You could have two properties in the same market that are similar (3 bed / 2 bath - house) and based on the design, location, listing quality, amenities, distribution strategy, host quality, etc these two properties could perform totally differently
An example from my portfolio is in Scottsdale, AZ. I have a 2-bedroom apartment with a yard and a pool that only does 7% better than a 1-bedroom apartment with zero amenities. These properties are only 1 mile apart. The reason for the difference? The 1 bedroom apartment is within walking distance of the major nightlife center in Scottsdale and people seek it out specifically for the "Walkability."
So the property's competitive position in the market matters a lot!
That said, when looking at a market, you should be looking at demand and supply for the market. Is tourism growing (the government tourism office will know) is the *supply of STR, hotels, and motels growing at the same rate? Or is there an imbalance? If tourism only grew by 5% but the supply of listings in the market grew by 35% you're going to have issues regardless of how well-positioned your property is!
Hope this adds some dimension to your search!
*For help with understanding STR supply look at Airdna for help with hotel and motel supply look at STR (a research company that just happens to be named STR)
