However, it has some decent colleges (WPI, Holy Cross, Clark, Anna Maria, Becker, Worcester State) and has a decent hospital (UMass) that might attract people to STRs. 

Brandon, math is math and it does not lie, but the formula for this faster mortgage paydown being the holy grail has waaaay to many flaws.

Sounds great, but not as easy to execute (although not impossible as many are doing it).If you find a house that you can (1) buy for 70 cents on the dollar, (2) cash flows $1000 per month with great tenants, and (3) is in a great appreciation area in an A or B neighborhood, then you've found the holy grail of real estate!

Holy $4It!?

I am so happy you brought up the folly of leaning too much on the Yellow Letter or any tool as the "Holy Grail" of direct marketing.

Holy cow that’s a good PP.

@Ken Nyczaj should be the Holy Grail.

@Andrew Thomas Vedder Not a REA, but an REP :)  See https://www.biggerpockets.com/...Assuming you're not an REP (you would know if you are ;) all your passive rental income would go on your Schedule E on your 1040, and you would not be able to deduct losses beyond your rental income on your W2 or 1099 (schedule C, if self employeed) income.Hopefully the BP article makes sense and is a good place to start.Our goal is to reduce our net passive income to $0 and pay no taxes on it, and keep any non-depreciation expenses (that is, out-of-pocket expenses) to a minimum so that we're cashflowing.Here's a contrived example:- Taxable W2 (job) income = $200k- Passive rental income = $20k- Rental property expenses = $5k (mortgage interest, insurance, p-tax, etc. not including depreciation)- Depreciation = $10k- Your net rental income is $5k which would be taxable and added to your 1040 on Schedule E- total taxable income = $205kSecond contrived example:- Taxable W2 (job) income = $200k- Passive rental income = $20k- Rental property expenses = $15k (mortgage interest, insurance, p-tax, etc. not including depreciation)- Depreciation = $10k- Your net rental income is $0k and is reported on your 1040 on Schedule E- The -$5k passive loss is carried over to the next year's taxes- total taxable income = $200k (the passive loss will not affect your 1040 W2 income)I hope that made sense :)The holy grail is to become an REP and write-off those passive losses on your 1040.

holy cow something like that could bite you in the butt. 

An alternative way I have found to invest in the area, which involves co-owning with the managers portfolios of 10 SFR for a very passive investment I wrote about extensively here on BPHave I Found the Holy Grail of Passive Real Estate Investing?