As far as BRRRRs go, the market has become over-saturated due to the popularity of this strategy, but there are still opportunities out there.

I don't know a whole lot about those areas, but I do know the STR market has gotten saturated.  

My first thought was it's over saturated.

It also hasn't become super saturated.

Destin is more expensive and rather saturated, but places like Ft Walton Beach, Panama City Beach and Navarre Beach on the Emerald Coast still offer some reasonable beach deals.

I can not identify a vacation rental market where the word "saturation" is not mentioned which make me insecure whether or not the property will positively cashflow, considering it's a decent house with nice touches, furniture etc.  

As others have said, Pittsburgh PA is a great place for investors as often the buy in is more conducive than other more saturated markets.

We have a very saturated market but actually prices are on the rise!

I get the impression that this was really undiscovered about 6-8 years ago, and everyone began to hear about it and move into it... and now it's just over-saturated.

I do BRRRR and while it MIGHT be possible in Vegas, though I don't think so. regardless, it's FAR better to do it elsewhere. as Terry said, you need to be able to buy distressed and under value, this would be an anomaly in vegas currently as the market is saturated with people trying mercilessly to find deals, and it squeezes the margins TIGHT.Rents are also far below what they should be to make Las Vegas profitable.