Scenario 1: 5/1 ARMRate: 5.675%Monthly Payment: $5100Prepayment Penalty: 3/2/1Closing Cost: Broker Fees: $11,016 (1.25%)Lender Fees: ~$2,000Loan Fees: $600Plus standard title and other feesScenario 2: 30 year fixedRate: 7.375%Monthly Payment: $6086Prepayment Penalty: 5/4/3/2/1Closing Cost: Broker Fees: $11,016 (1.25%)Lender Fees: ~$2,000Loan Fees: $0Plus standard title and other fees5/1 ARM looks attractive but not sure if that's what other people opt for that for a STR property? 

@Lucas Schlund what's attracting you to the City of Detroit now?

I can offer an attractive interest rate for my borrower that we are both happy with, and zero points to originate the loan - also beneficial for the buyer. 

@Harish PasupuletiTurnkey properties are attractive due to their low barrier to entry, especially for new investors, but they also have the extreme negative of eliminating your ability to build immediate equity through reno.

@Enrique Roth, I am in the @Derrick E. camp where I would look at the non-tangible benefits of attracting and keeping better tenants.

There is an old joke: you don't have to run faster than the bear, just faster than your friend.There are hundreds of leases signed every week, your apartment needs to be more attractive than 50% of what's out there and it will be rented quickly.So you'll have to do some mystery shopping and (ideally) physically look at your competition.

Hey @Ashley Wong,I don’t have much insight into Columbus or Tulsa, but I run a turnkey provider in Huntsville and can vouch for the area—for two reasons.First, Huntsville’s strong demographic headwinds have led to steady and sustainable population growth (+20% in the last decade), while the city’s abundance of high-quality STEM jobs—brought to the area by industry heavyweights like Dynetics, Boeing, FBI, Redstone Arsenal, Blue Origin, and others—have attracted numerous well-heeled millennial renters.

Forget cost of living.The game now is quality over quantity; meaning less rentals but better one's to attract better tenants, higher land value and tons of other reasons.

Reasonable rates and options for a discount if rented more than (x) days.Make the home extra attractive buy some things that make the home stand out like games for both the parents and the kids.

I would just recommend having something else standout and attract guests to your cabin if that's the case (e.g., theatre room, great game room, murals etc)My Morganton property went live in December as a 3 bed so that we could get some holiday bookings and we had no issues getting it booked.