I'm analyzing existing properties while I research the development side - I would really like to develop, but it just depends where the best location and returns are going to be (but I love a clean slate).

Key determinants include the percentage of owner-occupied units, contribution percentage for the HOA budget towards reserves, and a clean record without litigation, delinquencies, or major issues.

Are you willing to risk the unknown (tenant moves, time your property will be vacant, repairs or clean up to  get the place marketed again, you get a new tenant who isn't as good etc.)Obviously you can't nor shouldn't be held hostage by the fear of your tenant leaving and having to face the inevitable.

It is challenging but we committed to going there every 4-6 weeks and having a great team on the ground ( will cost you some extra money) but they are the difference in having issueswe have one of the best cleaners in the area and our guy that cleans the grills does all my light maintenance and guest interaction if I need it(pets, too many guests etc.)3-4 hours would be a dream and you can definitely do it but you have to commit to going there every 4-5/6 weeks In my opinion because there will be things you need to address or upkeep- this is obviously only if you decide to self manage. 

I think it depends on goals and experience, section 8 is a good guaranteed income, air bnb or short term will have higher rents but you will have more monthly expenses (cleaning, internet, lawncare) student housing is another option, and then good old LTR.

It needed a new roof, new septic tank, water heater, well pump, hardwood floor refinishing, light reno in kitchen (paint cabinets, replace countertops, 1 new appliance), full bathroom renovation on 2 bathrooms cleaning up wood rot on siding, painting exterior.

Quartz is actually stronger than granite, it doesn't require sealing and is easier to clean, it has more color options, and likely cheaper than granite.

Figure a few grand to paint rooms, replace carpet in a room, deep clean and spruce the property, replace a fixture or two, etc.If you have to replace your resident annually the $9600 total income will get a gut punch.The true value of the higher-end neighborhoods is residents know if they move out of the home they have it's a challenge to find another, especially if they have been there a few years and have a competitively rewarding rent rate.All this really is is basic economics...sell ten custom widgets for $1000 or 100 standard widgets for $100 each.

That means no repairs or cleaning needed.

For example, cleaning fees will now need to be included in the nightly rate shown to travelers.