The general rule of thumb is- no inquiries, you are at least 10% too high.

As a Banker my advice is to always have several conversations prior to and be very transparent with your Banker or Loan officer.You can use real estate to position yourself into a better or bigger home buts is like chess there are rules and you have to know in advance your next few moves. 

Obviously, rents are very cheap there, but it seems I can find MLS listings that match or come close to the 2% rule.

I own a property literally on the Fannin / Union line in Morganton (on the Union side) so we now have some new rules we have to follow and they are restricting th number of STR permits in the county Thank you for sharing Neil.

It’s a solid way to keep revenue steady while staying within the rules!

Same logic can be applied to anyone impacted by the recent hurricanes.So what is the risk?

As a general rule, many landlords raise rent 3-5% per year, which is a more gradual and manageable increase. 

You could also contact a local attorney - but that is probably pointless early in the process if the city rules it out.

Looking into the STR market, i would suggest a couple things to include into your property search. 1) the STR market is very saturated here so look for something unique or offer unique amenities to your guests, this will help your property stand out 2) different set of rules for properties located within city limits vs without i.e. outside city limits doesn’t require a permit which the city is cracking down on the amount of STRs on any given street or neighborhood 3) HOA is a big deterrence as a lot of HOAs don’t want any rentals of less than 30 days so an in depth search into covenants and by laws would be doing your due diligence.

However, you can't apply any of these restrictions for assistance animals like a guide dog or an emotional support animal.