You are on the right track but remember each specific STR market / local area is going to have some tweaks - one thing I noted is that for the markets you are looking at can vary with temperatures - some different expenses/planning for areas that can have winters (snow, etc) that wouldn't be standard in other markets

Despite what a few have said, I've seen prices and demand here remain relatively steady thanks to proximity to SF Bay Area and Lake Tahoe.

This zip code has a high population density with a substantial portion of the population in age groups likely to rent (22 to 34 years and under 18 years), suggesting a steady demand for rental properties.

At the end of the day, it's all about steady cash flow and building equity over time. 

Do you have a steady job right now?

@Charles PerkinsI am a fan of the slow and steady systematic step by step path to investing success.Many of the gurus say Go Big or Go Home.I say if you are a beginner skier - do you go to the top of the mountain and jump off a cliff going down a black double diamond slope?

Seek areas with steady job growth indicating a stable and expanding population that could drive rental demand.

Seems you’re looking for appreciation with steady income and that’s a good approach in this current market state. 

If I was immortal then all cash would be a slow but steady, simple way to go.

I like long-term rental or Section 8, you get great loans, steady cash flow, and with the right tenant not a ton of work!