We know it's challenging because so much has changed post COVID, fed rate hikes, etc. but that's how you avoid rehab mistakes, bad neighborhoods, and terrible deals. 

I want to buy & hold appreciating properties in neighborhoods where I can find decent tenants.

You shouldn't touch a Baltimore neighborhood under $200k unless you are a very experienced landlord with class c/d properties.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

You can still find some great cottage style homes or even 2-4 units close to the beach that have great STR returns.One good thing about being out of state in IL is you can find a good Single family home, Condo, or Townhome and call it a Vacation home and only need 10% down. 

Perhaps thinking of a  modular style home to get it up and running quickly.

If a neighborhood is full of STRs, then not as scary.

Hello BP community:I am under contract on some land that I am considering building multifamily on.It appears I can build approximately 80 units on the land (based on permitted density), which could be more or less units depending on the exact style of units we would construct (one or two story, etc).

The Bloomington-Indianapolis area has diverse submarkets, and identifying the right neighborhoods with growth potential is crucial.

Howerver, I have resrvations about how this will impact the community's living standards as the development will immediately border some neighborhoods and could bring unwanted environmental impacts and noise.