Other comments on this thread are great, as someone who can speak from experience(even in this local) don't let a girlfriend dictate how you invest, ever.

A $200,000 duplex might have identical rents in municipality “A” and municipality “B” but the property tax rates will vary, local regulations will dictate licensing requirements, labor rates will vary & the particular location will dictate insurance premiums since insurance carriers will weigh local replacement costs and whether the municipality is viewed as being a “plaintiff friendly” in arriving at insurance premiums.Better situated assets will attract better tenants/higher rents & reduced management expenses Tenants who reside in better situated housing and pay higher rents are more financially responsible meaning lower rate of rent loss and will generally take better care of the property.

I'll still have to pick a property that will cash flow as well as possible which will dictate some of my buy box parameters. 

@Mike TikhRecommend 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 Class A property in Class D area, what quality of tenant will you get?

We ask for a decision no later than 30 days before the lease expiration.When it comes to rent increases, the market largely dictates what’s feasible.

Here's some other copy & paste advice you might find useful:---------------------------------------------------------------------------------------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 Class A property in Class D area, what quality of tenant will you get?

I would determine what the overall look and feel for the STR is going to be and let that dictate what you do.

If you have an accepted contract, the only thing I would really worry about is copies of all leases.If you are still underwriting and thinking of offering, the price is going to be more dictated based on your own knowledge and idea of what you can do with the property, versus what the seller financials state. 

As people tend to forget, the law of physics dictate that the same causes have the same consequences.

Local building codes are going to dictate the options.I researched it several years ago and it ended up being cost prohibitive because of these reasons: 1.)