Lots of factors in every location. 

I'll include all details below.THE LOCATION: The hotel is conveniently located in the breathtaking Smoky Mountains, just minutes away from the Great Smoky Mountain NP entrance.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

It's a low barrier to entry and a good option for you, I would highly and I mean highly recommend you focus on location.

HI There;There are two properties built in 1894 located in South Orange, New Jersey. 

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This property had significant potential for value enhancement due to its location and condition.

But great location, has water, electric and water nearby, close to the highway.

I’m still learning the ropes of property management, so I really appreciate the opportunity to exchange ideas.At our property, we have a structured screening policy influenced by the Federal Fair Housing Act since our location falls under its scope.

It's worth mentioning the STR regulations are relatively new, and I think some properties currently operating are basically grand-fathered with the old permit, and I don't know if being a new owner one'd be able to get a new permit if it's not in the designated location.