Your points make a lot of sense, especially with the solid demand, low housing supply, and stricter lending standards.

You are correct, All of the standard Market companies I contacted would not write the coverage with an open loss.  

They are very standard. 

Quote from @Mary Joe: As long as you have justification and you apply the standard equally to all applicants, you should be fine. 1.

All standard stuff.

Such a reminder that these rules are not the standard for investing.

With this knowledge, it seems as though out-of-state investors are analyzing markets that have great job growth, high appreciation, low unemployment, low taxes, but are still "affordable" compared to standards in more expensive parts of the country.

That always makes it so much harder to rent, or secure a great tenant.Here's my standard go to list now for long term rental updates:-LVP that looks like wide plank white oak-Ultra Pure white on all the walls-Vertical/ modern stack backsplashes and showers-Pop of color on the cabinets (pop of color can include black too)-Butcher block countertops (lower end) or white quartz countertops (higher end)-Modern light fixtures in brushed brassKeep it neutral still but a couple of style choices with the light fixtures (which are cheap) and it will appeal to the masses.Good luck! 

Its standard builder grade that I believe most people are sick of. 

Remember that books are going to be out of date to the market standard pretty much right after they publish.