Most towns have specific rules on this. 

People, please throw that 1% rule in the trash.

If you want to look up the original article, which has links to sources and to other great resources, (I can't link as per BP rules) the article is called "33 Real Estate Statistics That'll Change Your 2019 Strategy" - by Mike BlankenshipGeneral Real Estate Statistics In 2018, 5.5 million existing homes were sold in the U.S. 

Set firm rules & stick to them.

When I applied the 70% rule minus repair estimates the price seemed so low that I did not dare to even do an analysis with those numbers. 

Everyone hears the old school rule of "never let your tenant know your business more than you" and the term "professional tenant" but no one realizes what it means. 

I was thinking this might be a way to reduce my maintenance exposure or recoup costs by creating a 2nd revenue stream with future tenants since none of the properties are large enough to justify coin operated machines.

La Quinta, on the other hand has few if any regulations city wide, but all the HOAs usually severely restrict STRs and those HOA rules can change even month to month. 

Get the copy of the lease agreement/community rules.

This property is pretty far off from the 1% rule.