They also have a home vacancy tax in a lot of areas which applies to short term rentals. 

Make sure to analyze cash flow, including conservative estimates for vacancy and maintenance.Indianapolis Market: Indy has solid multifamily options in neighborhoods like Irvington, Fountain Square, and near downtown.

And like many other cities, vacancy rates are still low, lots of demand for housing of all types.  

If multifamily properties in your area are priced well, it might be worth moving forward sooner rather than later.Risk Tolerance: Since you’re the sole provider, it’s crucial to ensure you have a solid emergency fund to cover unforeseen expenses, especially during vacancies or repairs.Long-Term Goals: Think about how this investment fits into your long-term financial goals.

Set aside reserves for unexpected repairs or vacancies.

That does not include any expenses, vacancy, etc.similar rent minus PITI does not equal cash flow.  

Rental homes - especially paid for ones - are a good retirement supplement, or even plan if you have enough of them to offset vacancies & expenses.

I didn’t have much money and needed to find a way to get in the game. 10 years later, I’ve got 29 SFR that profit 19k/month (not including things breaking or vacancies).

A good landlord understands that vacancies & Rent-Ready costs will destroy your cashflow and profits.

If you’re using leverage, be extra cautious with your underwriting to ensure the deal still works at today’s rates.Economic Uncertainty: Inflation, potential recessions, or shifts in demand could affect rents, vacancy rates, and property values in some markets.Increased Operating Costs: Rising insurance premiums, property taxes, and maintenance costs can cut into profit margins, particularly for buy-and-hold investments.Regulatory Risks: Some areas are increasing restrictions on landlords, particularly short-term rentals.