Are they looking for cash flow exclusively, moderate to high appreciation potential, or both, etc.Typically, with more “affordable” markets, you get better relative cash flow but also more intensive management concerns (vacancy, collection, maintenance, turnover, etc) and less appreciation.

In other words, it's the jerk who doesn't give 24-hour notice to enter the apartment and who is renting out a dump with a broken hot water heater to a tenant with no background check that will have the most problems.Since you're local, you learn how to work with local tenants, property managers and contractors.

A second, and less labor-intensive reason was that having ceilings that matched walls and trim make the space feel cheaper, and even though our rental isn't in an A neighborhood, we want to give our renters a feel that they're renting the nicest place in a neighborhood. 

Thousands of STVR owners have pools and hot tubs with no financial loss via lawsuits.

A/C, hot tubs, leaks, appliances, etc.?   

It might be easier to look for a partner to put up the capital if you find the deal manage the renovation and other time intensive activities.

I believe Raleigh has favorable macro-economic factors, yet is still semi-affordable compared to other hot markets such as San Diego, Denver, and Seattle. 

Have a really nice and memorable feature for guests to distract them from other things (huge tv, fire pit, hot tub, PS4) 7.

That's after 3 years of intense looking and two offers in 2019 that I got cold feet on because it would have been the first investment property that I have owned. 

I would recommend you get way into the weeds on your due dilligence- septics, roofs, subfloors, hot water tanks, drainfields, etc.