I put in some new flooring and paint, minor electrical, and a couple of ceiling fans (approx 20k in repairs, appliances, travel, and holding)I put in a new refrigerator, washer and dryer, and leased it myself to a family a few months later (6 months lease) through an insurance company because of their home being a total loss.

Same wall has an exterior defect that allows water to intrude through stucco from below due to no weep screet and soaks the base wood frame.

Redid the deck railings, refinished the deck surface, repaired various small things and did some exterior paint work.The new washer and dryer were depreciated as was the dishwasher.

The property cash flowed well and covered our expenses in 2021 and 2022 with short-term rentals and about 80-85% business use, but it did not rent as well in 2023 (oversaturated rental market, change in travel restrictions, weather etc...) and dropped to about 65% business use and a negative cash flow of about $15K.

My audience I was shooting for traveling nurses & displaced families

The property required extensive interior and exterior renovations to reach rent-ready condition.

It sounds like he believes CAP rates have a significant chance of going higher still given most likely conditions.Hospitality can be highly risky as some asset types can be heavily affected by a recession and corporate travel restrictions. 

With only 100k to deploy the Midwest will offer cash purchases and more monthly cash flow and usually less dollar appreciation, long distance travel, and extra time to manage.

I would prioritize the day-to-day details of your life that will be affected by this decision - for example, regardless of what market you decide to get involved in, you will likely end up traveling there more often than other cities.

For midterm bookings (1-3 months) we list on Furnished Finder and market the property in Facebook groups designed for travel medical professionals and landlords to connect.