After pointing this out, I would have expected the cost to be eaten by them.

Quote from @Andrew Steffens: I think going into an STR purchase with reasonable expectations of cashflow in this current market and rate environment is admirable. 

Trustin your PM partner is important and they will follow your lead, so don't expect them to provide you with your business plan. 

Rent growth is a function of supply, demand, and interest rates:- I'd ground any forecast by stating I expect national rents to rise on a pace more or less in line with inflation over any long time period. 2-3% per year.

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Properties here often fall well below $150k, and the market is expected to see home prices rise by 10.5% in 2025.

Am I understanding this correctly that youre expecting to get a $700k property for $500k because youre paying cash?

The truly tragic natural disasters in California, North Carolina, Florida and others of the past six months are evidence that no location is truly 'climate safe,' however there are geographical areas that can expect less weather extremes and lower costs of living, developing, insuring and seemingly...surviving. 

Not to mention the economic development steps the town is taking in ensuring the growth of town (roads, schools, zoning) stays on par with the future expected population growth and new jobs that are going to be a result of the new factories opening.  

I still get junk leads but that is to be expected on just about every online lead platform.