I'll look into the flood risk and I'm always getting an inspection which includes a foundation check.  

Additionally, the Courthouse Online platform is a helpful tool for property assessment data, including ownership and sale history; you’ll just need your property’s Control Number to get started.The Property Mapper is great for visuals, but it sometimes lags with the latest updates, so checking with the Recorder of Deeds or using Courthouse Online will give you the most accurate information.

COSTS:  I would look at any-and-all things needed to run an STR including items that are often done by owners--for example, property management.  

I think that you are missing a few big ones including Zumper, homes, and a bunch of others. 

Some households receive multiple filings, and not all filings result in evictions.That ranks Phoenix ahead of other big Sunbelt cities that in recent years have also seen an elevated number of eviction notices, including Houston and Las Vegas.

The reality is that the tax impact and ability to take ANY losses (as Michael mentioned) is based on a number of factors that include whether or not it is a "separate dwelling unit".

The tenant's month to month lease stipulates that the tenant is responsible for all utilities, including water and I recently spoke to them to tell them the water bill must be paid up and brought current.

But before I give you my play-by-play, let me first overview what this concept includes for anyone new to property management or owning rental properties. 

For example including a washer/dryer or allowing pets.

@Brian Raike Revisit your goals which you state include cash flow in the future.