If it has already been painted over that might even still work with any new legislation out of L-ville.

You might get appreciation, but the house also could lose value in these uncertain times. 

I'm uncertain as to weather or not they do the other states you mentioned.  

@Cristian OrellanaCash Flow, Landlord friendly legislation, balance of renters to owners, economic and population growth, Fortune 500 companies should narrow down the search.

Some clients have a knack for bringing me weird properties they want to buy, and I'm not shy about telling them how uncertain the ARV is and that they would be taking a huge risk to move forward with the project. 

They say cash is king but does that hold out in a high inflation environment that is forcing a strong seller's market into a sharp 180 degree turn into a buyer's market?With the Fed continuing to push up interest rate...

But now our company is not buying multi-family in "D" neighborhoods any longer-- we did initially buy in these areas because the entry price is low and we were uncertain if we would have enough capital to create an income stream that would support us so we wanted to conserve our capital.

I agree with @Bill Brandt.In this legislative climate I see absolutely no upside to a term lease. 

.), but I’m most uncertain about the local expenses that I’ve lined out.Also, if there are expenses specific to the area that I’m missing, I’d appreciate the info!

Many of the suburbs do not have legislation prohibiting or taxing STR's.