There are many good locations - I'd suggest that you play around with the "Market Finder" tool at the top of the screen here, included with your pro membership. 

Not the cash flow play a lot of people expect. 

I also think, the flat rate ppl are playing to a race to the bottom. 

You need to remember that, hopefully, this is a long-term play for you, so work with a trusted STR designer (I have great recommendations), and spend the money upfront so you can be the most successful in your area.

You want to play the charitable hero.

Sometimes the best investment is found in a 'transitioning' market that is just outside the 'great' market and is in play to be the next great one. 

Income-based valuation only comes into to play once you get into commercial property (5 units and up). 

Hi Robert,Given you are looking to buy another rental (long term), a cash out refinance on the existing property would be a good play here.

There’s no real reason to jump into another market unless your goals shift and your current market doesn’t fit anymore—or if the market itself stops producing the results you need.Mastering one market and squeezing every opportunity out of it is a much better play than spreading yourself too thin and getting half-baked results in multiple places.

If you ever want to chat more about this... or if you're curious how these strategies play out in markets like Austin or Scottsdale... feel free to reach out.