@Julie Philpott Franklinton is a very gentrifying neighborhood.

This is neighborhood dependent though and also capital expenditure free.

Check out  - https://www.ruidoso-nm.gov/short-term-rentalsThat is all the data to get started on the permit but still check if the neighborhood has an HOA and what the rules are.

What do you drive, wear, shop at, do for free time etc etc etc?????? 

Look at what similar homes are selling for that are rentals as well and what they're renting for in the neighborhood.

The reason is there is usually a resturant or other retail shop there and now you have customers you would never have that WILL spend money while they wait 20 to 30 minutes to charge.

I was shopping hard for an OOS opportunity last summer in GA and honestly grateful I went 0/15 on offers.

I used CE Shop and they are nationwide. 

HI Renee,Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

HOA, shopping center,  or neighborhood restrictions?