Alas, this scenario didn't last very long, as you would expect in a free market capitalist society -- new money flood in, more STRs in supply, property prices increase, STR incomes decrease, until a new equilibrium is achieved.Nowadays, the word STR is being used to describe both the property and the business.

I am seeing a trend in CA that ADU construction is more cost effective (per unit) than buying on the market by a long shot.

The key for me wasn't to invest in the 'best place' but to know a market so well that a deal jumps off the page when it appears.

- Find ways to provide real value: Whether it’s market insights, deal structuring ideas, or even helping investors improve cash flow, being a problem-solver makes you stand out

I guess with certain markets its achievable!

Quote from @Shayan Sameer: Quote from @Samuel Diouf: Columbus, Ohio is a great market to consider if you're looking for appreciation markets that still have cashflowing deals under $200k.

Then they will start the process over.As for finding a market. 

Our focus is on delivering 20 top-tier leads each week, so you can spend less time on lead generation and more time closing deals.If you’re interested in streamlining your lead flow and enhancing your success in the Texas market, I’d love to discuss how we can work together.Looking forward to your thoughts!

Quote from @Bud Meacham: The market is very competative in California.

IMO better options- If you don't need the money in the next 10+ years look into Annuities I'm seeing 7-9% and you don't have to participate in market downturns.