That should really be the deciding factor...is it necessary and a large enough project to include the permit process?

Speed of building a portfolio (Cash-on-Cash return is a factor here)?

And this low demand could be a couple of factors, either a rural location with low population density or the area incomes are not high enough in order to prevent a rent burdened scenario. 

Property Valuation:Investors look at a variety of factors to determine a property’s value, including comparable sales (comps), rental income potential, and location.

This includes flooring, painting, bathroom upgrades new light fixtures, usually there’s about $800 in electrical costs factored in here and all new cabinet hardware.

I would consider the tenant's past, as well as the condition of the unit, my local market, and other factors.

And while yes, no one has the same pricing (combination of factors), I also continue to check on a regular basis our rankings and how we "present" on total costs per stay vs. our competitors.My gut says there is price creep and we might have a ways to go before the market really corrects.

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

@John Underwood what would you say was the key factor is making your LTR cashflow so much? 

You’re absolutely right—speed is such a critical factor in securing deals, especially in a competitive market.