Because of that success, and the tourism of Santa Fe, I'm assuming a STR will likely out preform a LTR with modern amenities, design, etc in place.  

Modern is all dependent on the area.

@Wei Jie Yang Allow me to clarify - If your joint income is less than $100k (inclusive of any income generated from your 403b), and assuming active participation, you'd be able to write off up to $25k of rental losses against nonpassive income.

Clean, brightly lit, clutter-free, modern luxury. 

The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

Late payments, property damage, and evictions are avoidable when you have a PM who knows how to find reliable renters.I encourage you to seek out a property management company that emphasizes tenant screening and uses modern tools for verification.

They have to meet modern codes and SEQUA requirements.. this is what stops building on lots that would not be buildable with modern subdivisions map act standards or modern zoning. in the hilly areas road widths and slopes will not meet Sequa so they stop building on those lots there are thousands of the lots scattered around LA county and these are the lots you see going to tax sale all the time.

If you can get land for a good price and let's say build a modern quad with 1200 sqft 2 bed 2 bath units and garages for $200/sqft you are looking at about a million.

If those are relatively modern you have very little to worry about.

It’s a fully renovated, modern-styled, 2-story townhouse with 3 bedrooms, 2 bathrooms, and a basement in Baltimore County, where I live.