I am torn between pricing rent lower with a minimum 3 night stay or just weeding out the less desirable/more work clients with higher pricing.  

Thus, your profit margin is lower (than the all-cash offer), but your ROI is higher.Savvy or more experienced investors may have access to Private Money.

You'll get a feel for the age of the neighborhoods, the vitality of the commercial buildings, the ease of location, the closeness to jobs.The markets you're describing are more linear, and usually have lower capital appreciation.

We were not interested in the initial asking price, but countered with a much lower price.

I think it was Airbnb that had suggestions for me to lower my pricing because they were scanning the competition (Booking.com in that scenario) and saw a lower price.  

I'd wait this one out until rates lower and you can refi and learn from it to buy better the next time around. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

So your results will be a degree lower than local investors. 

If rates improve slightly, a cash-out refinance could lower your mortgage rate, but ensure the numbers work with your long-term goals.One thing to consider is your return on equity (ROE).

Lower appreciation than single family home