I have been looking at factors that affect where I would like to live (weather, politics, taxes, night life, etc.) but I am guessing that these don't necessarily indicate a good financial investment.

Analyze local market trends, rental demand, and economic indicators to pinpoint growth potential, and reach out to local investors / RE professionals in your area.

@Austin Wood Did you have something in your application or marketing material that indicated you did not allow smokers? 

Nothing to indicate it got sold... couldn't get customers for that either?

An LA times article indicates that it is more pervasive and less restrictive than what is already currently available.

The property card indicates 1,485 and has never been changed from the original state it was built in.

A tenant complaining online might indicate that the property manager handled them appropriately, so be sure to ask the manager for their side of the story.7.

Be leery of treating initial cash flow as a good indicator of the cash flow over a long hold.  

If your AirBnB shows income, and you report it on Sch C, there is no way to avoid the SE tax - so it seems to indicate that Sch E is the right one.

@Jessica Uresti It sounds like a major renovation, so you may be getting in over your heads on your first deal.But, let's talk numbers first: Can you share the financials that indicate "$400 -$900 profit a month?"