The market is competitive but if you deliver a consistent quality, in demand product at a good value you will do fine. 

My wife and I purchased our first rental property here in Maui in June of 2023 to use as an STR as it was a consistent market, numbers worked, and we live 5 minutes away from the property so self-managing made sense! 

In this current interest rate environment, I’ve found notes (those underwritten well) to be doing very well and paying pretty consistently.

Allowing another investor/manager to operate your units for profit, while you collect consistent rent for 2+ years at least. 

Consistency is boring.

They’re now focused on unique properties with appealing natural amenities, like waterfronts or downtown areas, in growing locations that will consistently attract guests.

Investors are seeing consistent bookings throughout the year, making it easier to predict cash flow and maximize returns.Lower Acquisition Costs: Despite the rising demand, Indianapolis still offers relatively low acquisition costs compared to other major cities.

Does the IRS demand consistent tax treatment?

By consistently offering work, you may be able to secure lower labor costs.Source Alternative Materials: Explore alternative or lower-cost materials that still maintain quality.

So far I would say it has been a good investment but I don't really know how big I can scale it or how long it will take.At the same time, if there's a big investor looking for someone to help manage their portfolio in NYC or Long Island I would be open to jump on board so I can learn as well.