If it's on the higher side you may want to consider it for mid-term or long term rental, but if most stays are below 30 it can be viable for short-term! 

But my question is, why would anyone invest in real estate if the return is the same but the risk is higher?

The best opportunities in the Mansion are the parts where it borders an area that is at higher scale in my opinion.

It has a higher initial cost (2~3k) but less maintenance over time with a longer warranty.

Most only accept offers with no contingencies so if you're newer it's not the best investment due to the higher risk associated.

Getting rid of pitbulls, breaking up illegal activity, evicting nonpaying tenants, renovating to the studs so we can get higher rents.

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.

I hold a decent-sized portfolio in Columbus and Cleveland and have seen higher appreciation in my Columbus portfolio.

Investment also spiked in Class A Short-Term Rentals (STR) and investors started paying higher and higher prices based upon anticipated STR rental rates, that exceeded sustainability based upon Long-Term Rental rates (LTR).