I think of it as a range of rental prices of comparable properties and my goal is to make a good return on the lower end of that range of values.

However, I would suggest you calculate a 5-10 year pro forma on each property and calculate an overall IRR for each so you can compare and contrast based on your risk tolerance.

As compared with local lenders credit unions the reporting requirements are vastly more for agency loans.John

Also was thinking about homeowner protection from bad tenant, are the laws more favorable for tenants in ca compared to tx etc any input would help.thanks 

Think about what  you need personally the most to be successful and compare it to the components of each offering. 

Pricing-wise, I’d say $100 per night sounds fair given the length of the stay, especially compared to your usual rate.

In my opinion, Bakersfield remains one of the most affordable cities with a population over 400k, especially compared to other cities in California.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Check them out, it's super easy to get a quote and compare it to others.  

It’s great that you’ve already started practicing with NOI and cap rates for evaluating properties, but you're right that smaller properties, like quadplexes or less, are often valued differently.For residential properties with four units or fewer, the market tends to focus more on comparable sales in the area rather than purely relying on income calculations like cap rate.