Market Selection: What factors do you consider when choosing a profitable location?

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Or am I doomed to manually comb Zillow forever?

I would be cautious buying in the saturated areas because there are so many similarly sized properties that price is becoming increasingly the deciding factor. 

In evaluating seller financed notes, there is always a balance between redeeming and non-redeeming factors. 

Some other factors to consider - How long are you planning to hold this property?

What occupancy percentage and turnover cost did you factor in?

A purchase of $209k, $15k rehab, and ARV of $240k doesn't get you any thing back after you factor in all of the closing costs to purchase and to refinance.

Location and amenities are the two most important factors that bring potential renters to an STR. 

I mean by safest is on the volatility, for example STRs have many different factors, seasons of the year, local government regs and much more.