Airbnb is also very region specific, so picking a place with low vacancy (high demand) is very important.

Even with that we've had 50% vacancy.

You can add a vacancy allowance in your calculations when you vet the property but you never know when something unexpected may pop up.

For those that have already spent some time and $$$ there, what are your experiences and numbers looking like for things such as:Rental/property management feesclosing costs (as percent of transaction)vacancy rates (on and off season)price to rent ratioyoy appreciation$/sqft to build (I know, this is a "it depends" number)Utility issues (water, power, trash, septic, etc.)Anything else that you think would be helpful!

If you hold back 5% for repairs, 8% for vacancy, 5% for capex, that's $720/mo. 

Let's assume this new investor understands how to analyze a property to include maintenance, capex and vacancy expenses. 

After four years I've had exactly one day of vacancy and that was because I let a two year tenant move on the first rather than pushing for the 30th.

It can put you at a higher risk of foreclosure if you face an unexpected vacancy or repairs.

Hopefully it includes vacancy, maintenance/cap ex, PM (even if self managed), misc, etc.  -$5k appreciation in 12 months is $416/month of appreciation.  

The goal should be avoiding court, reducing vacancy, etc. not doing a bunch of evictions where you need them to be quick.