I hope pondering my points provides items to consider and that they are at least evaluated for likely validity for future acquisitions.good luck and learn as much as you can with this purchase   

When creating your criteria, it is important to focus on the evaluation of the following qualities: • Capacity to pay: Does the prospective tenant have enough income to afford the rent and other expenses involved such as utilities or additional costs such as parking or storage? 

So, evaluate whether it does objectively versus what else you could invest that equity towards and what return that would get you. 

Considering that you want to retire in seven to ten years, it's critical to evaluate how various funding options fit into your long-term strategy.Property Management: Think about how you'll take care of the property if you want to rent it out.

Take time, evaluate the issue, and then an appropriate response, in the next day or two.

Fear of debt will slow your progress and growth as well.

Can someone with experience and knowledge regarding this city please comment and give feedback to evaluate this opportunity?

Hi Folks, evaluating some Out of state STR options, some markets have primary residence requirements.

If you are thinking a long-term hold the Cash on Cash metric will likely be the most helpful in evaluating your deal with interest payments.

It's a work in progress.