We were making $80 - $100k on $300 - $400k houses when the market was hot.

After some investments in amenities (primarily hot tubs), our last 3 months have averaged 12k/m.This property is owned outright, and due to the size of the property, the small square footage of the units, and the lack of comps in the area we have found it difficult to lock down any refinancing.

This is nuts considering how hot Asheville has been for STRs. 

I would suggest you take a few months and watch the market before jumping in because the market has adjusted the pricing because it's hot. 

There is a river of hot water by the hotel Tabacon in San Carlos that is an absolutely unique experience.  

And now with rates being high, plus many areas overbuilt with new apartment buildings, I’d be careful with unknown areas, and also what you read in the media about “hot” areas, up and comers, etc.I was in a similar situation to yours a couple years ago.

Other hot spots I am sure you will hear about are Florida, NC, Texas, Indy to name a few.

I was able to replenish emergency fund money I had to dip into for furnishing, was able to pay off a hot tub, was able to replace 2 garage doors and paid for a larger repair this year.

Bonus is I am getting new HVAC, Furnace and hot water tank. 

A HOT Latina image in the ad. :)