Also, how competitive is the market for first-time homebuyers and investors right now?

I am sure there are lots of different reasons for it. well they were replaced by those crossing the border 750k out of 42 mil probably not that big of an impact.. traffic is still really heavy I was just there last weekend in the SF bay area no signs of the state looking like some of the dead cities one finds in the rust belt or deep south.

Similarly to what was said above, if you are looking for a younger audience that is more social media heavy, than it could be an option.

You'll find Cary and Morrisville to be the most desirable and get great appreciation too but also very competitive still, significantly higher in price, and it becomes much harder to make numbers works.

We've seen buildings with heavy rent rolls but nowhere near that amount in cash collected.

Today is an age the USA has long not seen, COMPETITION.

As others have said, price it competitively.

I have   maybe 10 of them but I also built 35 new builds and have one going right now.very competitive market  but aren't they all.

Eighty percent of the "upgrades" were to the guest experience, but at least Airbnb is staying ahead of their competition by doing this.   

Those hassles of dealing with an inefficient government mean less competition therefore higher returns.