If you have zero vacancies, zero tenant damage, make sure utilities (especially heat) stay on every winter even if the tenant doesn’t pay.  

I did extensive research on the market and based on purchase prices and rents in the area it seemed like a good investment.

I'm a member of one local STR page that vets owners by requiring they see a utility bill with the address and the owner's name.

I would however recommend elevating anything placed in a non-elevated utility room to ensure damage is unlikely in future storms.

The one percent and 2 percent rule ive never looked at ... cap rate is .. meh .. its there - what im most concerned with is the price of the home relative to comparables and cash on cash to start.   9)  I look  the other way if it is a multi unit that is not separately metered - thats always one of my criteria here in pgh as there are a lot of older homes and a good portion you wind up worrying about who will cover utilities.  

Regarding property management, utilizing local property managers can save you time, and using PropStream effectively for filtering properties by distress level and location will certainly help with finding stronger deals.

I know many successful investors that utilize it and some have higher-end properties in areas like Maitland.

@Mic SalvadorThis can vary widely depending on what market you in, how extensive the rehab is, and how you are financing. 

There's no one size fits all approach to real estate investing and depending on your resources, skill set, and capabilities you may excel in one particular market or utilizing a specific strategy whereas another investor will excel using a different approach.  

I’ve been reading extensively on strategies to minimize tenant vacancies through smart investments, and I’ve come to realize that many other factors play a crucial role when managing rental properties.