These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc).

You can likely do this with your savings rate (that will likely increase) and age. 

As you begin you REI journey here is a piece of advicecheck out this website for a great over view of a city https://www.areavibes.com/This website gives you a total livability score and you can see things like crime rate, housing, walking score and more.Best of luck!

AirDNA shows it on the rise in terms of annual revenue, occupancy rate, average daily rate and revpar, with about 3,000 total listings.

Not to mention their ludicrous fees. 

@Michael HoustonSo cap rates are for commercial properties so they have no use in 1-4 unit values.

What costs/fees should I look out for?

As you go on your real estate journeySomething I would recommend for you is this website. https://www.areavibes.com/Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score.80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

Yes, I also feel hesitant about letting other tenants know that I am the property owner.I agree that targeting areas with good neighborhoods and higher class ratings is a safer choice.

If I accept the suggested pricing opportunities it could drop my rates by $100 / night in some cases.