I'm also looking for one that handles massive initial rehab and then rent increases well.

I was going by the 87.5 percent rule The average home buyer cannot buy the 1588 sq ft condos downtown  for $675,000  I'm two miles from downtown 1/4 mile from Canada  There is still excellent opportunity as the prohibitive prices expand into adjacent neighborhoods.Dan Gilbert (Quicken Loans) owns more than 100 buildings downtown and is currently building 4 more 1 is costing him around $800,000,000.00 for the one building Hudson's Department Store Site It was supposed to be the 23rd tallest building in the US but it got shorter with his massive stroke and Covid 19There are areas that I think will come back faster than my area did ( buy for $10k put $20k into it worth $150-$200k in three years) The only point I was making was I NEVER understood why people cited Detroit as an example of good cash flow but no appreciation.The appreciation has been unbeatable.

Louisiana and we recently experienced massive flooring in the three parishes where I run my wholesaling business. 

I shy away from these types of home unless there is a massive amount of meat on the bones.  

What I was wondering is, does it make fiscal sense to perhaps buy a house in a vacation area, use it as my own house?

Basically, you take on a massive amount of extra risk, courtesy of the Ontario Govt.I would consider it to be a red flag if they suggested that the checks will come straight to you.

They just built a couple of massive and mostly vacant apartment buildings downtown. 

I have never rented anything before, so this is my first couple of steps into this, so I may be asking massive amounts of questions about that soon. 

In general,newer is better.Unless you're talking about historical homes in special historical neighborhoods,a 70 year old home is gonna be worth more than the homes pushing 100 years that are probably long overdue for massive repairs and remodeling (new plumbing,rewire the electrics,new roof,water heaters,etc.

I don't like to plug in uniform, base rent increases, etc because you may be buying way below market with massive increases initially then subtle 2-3% across your ownership, etc.