Each property should be evaluated based on its characteristics and overall quality as an investment.

To properly evaluate the condition and determine the cost of renovations, always have a professional inspection done before making a purchase.4.

Above are just hypotheticals, but they bring to light the point, which is, evaluating opportunities requires apples to apples comparisons. 

Other KPIs and considerations you should evaluate when talking to any lender who offered private placement of loans/notes are historic default rate, how quickly they can place your funds (do you get preference over their income funds, for example), average interest rate - borrower note rate and what is passed through to you, are loans serviced by a 3rd party servicer or in house.

Any tips or tools for evaluating the local market would be greatly appreciated.

Ultimately, the flood insurance costs and my lack of experience evaluating AE zone risks led me to pass on this deal.

Right now evaluating potential markets, I'd like to find one to focus on for my first 3 properties (building knowledge in a specific market). 

I’m in the early stages of narrowing down markets and evaluating STR regulations, so once I finalize that, I’ll focus more on the design and amenities side.If you have any advice on pitfalls or ways to stand out in competitive neighborhoods, I’d love to hear your thoughts!

Hi Angela,Your tech background can help you evaluate the deals but I fear that you don't have a comprehensive plan of what you want to do with investment real estate.  

Start by formalizing a lease agreement, evaluating potential renovations to maximize rental income, and deciding on a rental strategy (short-term or long-term).