After living in the property for a full year, we have come to terms and accepted that this is not our ideal location.

The more liberal the location, the higher the risk.  

If the property is in a location that would justify these standards, then wait. 

You said "your neck of the woods", where are you located?

if it is a BRRRR you'd pay the seller off when you refinanced into long term debt, either conventional or DSCR.i don't know anything about the location, market, etc. but if it needs a 40K rehab, you need to push the purchase price even lower than 140K, or it will not work as a BRRRR. 

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If it were me, I'd be looking for something in that location to offset the negative impact of the casino. 

This is a common theme across the country with many municipalities enacting similar restrictions including where I am located in Philadelphia. 

----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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 property in Class D area to Class A standards, what quality of tenant will you get?

It's worth mentioning the STR regulations are relatively new, and I think some properties currently operating are basically grand-fathered with the old permit, and I don't know if being a new owner one'd be able to get a new permit if it's not in the designated location.