News & World Report's 2023 rankings, it's highly sought after for its quality of life and booming job market. 1 This popularity could mean great things for your rental property's demand!

It's about quality of investment.

I don't know anything beyond that though regarding the quality of how it's conveyed. 

That 1990-2000s home might be reaching the last leg of all it's cap ex items.Lastly, in HCOL cities, house hacking may give you the opportunity to live in an area to enhance your quality of life.

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

Thanks again.No, this is not my asset class - I prefer a higher quality product, in turn I can capture a higher quality resident/tenant - mitigate turnover and increase ROI :)

@Sanil Subhash Chandra BoseRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.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?

There are some solid advantages here: new construction typically means lower maintenance costs upfront, modern amenities that attract quality tenants, and potentially higher rental income.

That doesn't mean they are wrong, but each place is different, especially with higher-quality hosts and marketing efforts. 

Recommend you connect & communicate with @Russell Brazil who knows a bit about the Baltimore market.In the meantime, read below about how nightmares often occur:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.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?