However, I think this question relates to some of the fundamentals of taking a property under contract.

When your total net worth is $200K and half of your monthly cash flow goes to attorneys and accounts and corporate filing fees and you're setting up LLCs to manage your LLCs and there is a fundamental problem and all of this talk is almost to the point of fear mongering.

Having been through 2 market corrections, I too am looking almost exclusively outside the major metro areas as pricing in places like Austin has gone well beyond market fundamentals. 

Cash-on-Cash Return Cash-on-Cash, the popular real estate investing return, is explained including its meaning, shortcoming, and formulation...Debt Coverage Ratio (DCR) A ratio investors and lenders use to track and compare debt-related outcomes for rental property and measure financial risk...Gross Rent Multiplier (GRM) A quick and easy way to determine whether or not a property is priced in line with other similar-type properties...Internal Rate of Return (IRR) The time value computation that shows the ratio between future cash flows and initial cash investment as a percentage...Loan-to-Value (LTV) A computation related to mortgages that lenders use when financing investment property as a measurement of their financial risk...The Maximum Purchase Price Calculation A calculation investors can make to determine the maximum price they can pay for an income property to at least break-even and avoid a negative cash flow...How to Compute Net Present Value Net present value is explained along with its formulation and use in real estate investing...Profitability Index The time value computation that shows the 'proportion' of dollars returned to dollars invested rather than the amount...Rental Income Property Cash Flow A fundamental look at rental income property cash flow for those of you new to real estate investing...Sinking Fund Factor Know the amount you you must start setting aside on a regular basis now to cover a capital expenditure scheduled in the future...Tax MattersIncome Property Operating Expenses and the IRS Tax Code Learn what operating expenses should be included in a rental property analysis as well as what the tax code says about operating expense deductions...The Recapture Tax Real Estate Investors Face When They Sell The seldom expected recapture tax real estate investors expect to owe the Feds after they sell their rental income property....The Cash Flow After Tax Calculation How to calculate cash flow after tax step-by-step starting at the gross scheduled income...The Depreciation Allowance According to the IRS Tax Code How the IRS figures the depreciation allowance for investment real estate along with its concept, limitations, and formulation...Understanding Rental Property Depreciation and Recapture Tax Rental property depreciation allowance and the recapture tax associated with it are explained...AnalysisCap Rate or GRM?

At some point fundamentals such as median income do come into play. 

There are two fundamental approaches to putting these deals together; the tenant first approach or the Rent To Own Homes: How to Profit from a Lease Purchaseby Brandon Turner, over 2 years agoamounts of time and stress.

Your diary reads like some fundamental reading for new investors / rehabbers.Good luck on this listing, I'm sure the offers will be coming in soon.

But in 2019 that same place might have been more like $80k-$90k so if we get back to those levels you would be in trouble.So it really comes down to whether you believe the vacation rental boom is a temporary outlier or if you believe vacation travel has fundamentally changed.  

If faced with another recession the economics of each market will determine what is recession proof where I would argue nationally there is an over supply of storage but locally where I look at economic and fundamental data I evaluate the entire picture.

Markets that are growing in population, jobs, rents, and income - leveraging both demographic and economic fundamentals - all helpful risk mitigation factors- working with syndicators who've either experienced or witnessed deals go south - syndicators who are savvy enough to be conservative in their projections, set aside reserves, have created realistic sensitivity analyses, have good banking relationships in place - investing with these types of syndicators, with a track record through ups and downs, helps to decrease risk.