Is there an underlying risk or trend in the market that I might be overlooking?

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Since you're focusing on Dayton and Cincinnati, you'll find plenty of opportunities in those markets.

I would add that SFH airbnb market here is saturated BUT I believe there is still a robust market for larger homes for family gatherings and events.

But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

A portion of rent goes to the purchase price which is on the top end of market value. 

Look at their marketing strategy.

We manage several hundred rental properties throughout the San Diego market and I found your post very interesting. 

But for the best local advice, make local connections in the market with Host groups and Rental Associations.

I have an off market property as a lender we are taking back and need an agent.