Be sure that you are purchasing in a desirable location though.

While I haven't remodeled the main house, it's situated in a highly desirable neighborhood.

Midtown refers to a specific area and it's quite desirable. 1/1 MTRs would do well here IMO.

The desire to replace W2 income is a mistake many make when approaching real estate as an investment. 

I should have listened to my intuition but I gave it a try thinking it was just a learning curve, but what I'm learning is it leaves a lot to be desired.

PM companies who charge a flat fee have no strong desire to rent out your place because they get paid either way.

If the former is your guest avatar, you really need to look at what others are doing in your area because if they include utilities with no cap and you don't, it will make your property much less desirable.

@Reeti PeshawariaIf it's a desirable place to be you can STR within structure of the current rules.

My interest in real estate came from a desire to have stability and time/financial freedom.

This would satisfy your retirement desire.