Home values are much more affordable and the local economy is trending upward.

Relative AffordabilityDespite recent price increases, Buffalo’s housing market remains more affordable compared to many other U.S. metros.

Even the best property management companies (PMC) struggle with:- Finding reliable handyman and contractors (ServiceTechs)- Same with affordable ones- Tracking preventive maintenance- Tracking previous work for potential reoccurrence warranty coverage- Understanding tenant reported problems, so the correct ServiceTech can be dispatched- Determining if tenant is at fault for an issue & should be charged - and will proof stand up in court?

Not many people here can afford $5000/month rent or would they. 

I'm sure some local banks will do higher especially with a strong relationship but don't think I will fall into that category.

I'm not sure why that metric has held true but it still applies, the properties that perform well above that ratio are the owners that treat their STR like a business.

If you ever are interested in a more affordable market I'd love to connect on what the Midwest has to offer!

So be sure to do your due diligence.

I’d recommend looking for a market that’s affordable and has good rental demand—local job growth or proximity to schools can be a sign of a solid investment.

Just make sure you’re comfortable with the interest rate if going either route.