Renovation Considerations: Before starting a renovation project, look at similar homes in your neighborhood to get a better understanding of the repairs needed to compete in your specific market.

And by the looks of it, some very mature, pretty trees and I'm sure that neighborhood will look great during the holidays!

If you start communicating before things get all legal, then that shows everyone in the neighborhood that you are willing to work within the regs and with the neighbors in order to fix issues.If you aren't the problem, things are smooth with your STR, then you want to convince them that they should let things continue and penalize the problem properties and not yours.My 2 cents as per usual.

In this situation, I also think you would not be able to finance such renovations because all renovation loans will get their values off of "comps" - meaning, comparable properties surrounding the neighborhood. 

You're in business to make a reasonable profit without exposing yourself to liability.Ok I see your point but how many drug dealers live in your neighborhood or how many murders or people who break into other people houses and steal from them or prostitutes do you know of.

As you venture to try and find what cities/areas to buy in might I suggest this resourcehttps://www.areavibes.com/This is a great website to get an over view/starting point for what the neighborhoods are like. 

My main concern was if I there would be any tenants looking for a place in that particular neighborhood.

I got lucky that the tenant wanted a house in my neighborhood to keep kids close to their schoolsHouse was listed for 1750, they offered 2250 but I declined , so they offered $3k, ended up renting the house for $3250 ($250 pet rent) per month, for 3 month, open to extension if needed.I met the tenant and did the background check on them, I felt comfortable renting to them THD takes time with approving the property, but they were quick to approve the lease, and they sent me the checks the next day after lease signingMy house is not furnished, and they were ok with that , they actually work with a company that provides furniture for the tenant, and they coordinate the delivery and setup of furniture on the lease start dateOverall I like the experience working with them , but hey today is day #1 (out of a possible 3 months), so I will update this post if anything wrong happens or if I notice any red flags

Work with an investor-friendly agent, explore up-and-coming neighborhoods, and consider value-add opportunities.

Focus on neighborhoods with strong cash flow and smaller cities.