This will increase the return above what can be obtained on a passive investment.The flipside of having the power to control everything is that it can be alot of work (and a full-time job if a person is putting in sweat equity).

These moves could spur further economic growth in the area, create jobs, and possibly attract more tech investments, all of which could have ripple effects on commercial real estate and local housing markets.For investors, this development could present opportunities in both residential and commercial real estate, especially with the potential influx of new employees and businesses to support these expanding operations.

Shouldn't be an issue in most big cities having a list of cash buyers that are just dreaming you will bring them a 70%-repair deals. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

No underwriter wants to lose their job over a "missed" item like that.

Criteria can include location, population growth, job diversity, amenities, desirability of bedrooms and bathrooms, size, and comparable rents in the neighborhood.

You are creating a new job for yourself.With the number of STRs (I assume that just because there is 850 permits doesn't mean that they are all in use), plus the in you have with the other owners and the local page, make it easier to hit the ground running.Maybe you reach out to some of the independent contractors you know and ask them if they might want to join your team.

Buying an older home from the 1950s can definitely come with surprises, and the need to replace electric, plumbing, and drywall is a big job.

In New Jersey, if you are a first-time investor, which counties have the greatest job growth?

I do most of it myself so that might be part of it (learning on the job) but also just finding things here and there which should be fixed as I go about fixing things which need to be fixed.