However, in most appraisals I've seen there is more than 2 comparables used, at least 3-4 in my opinion.

Guessing an appraisal would be somewhere around the 100k mark for the property this is all speculation based on comparable properties.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

I believe that successfully navigating this initial investment will pave the way for future opportunities, whether in the same market or elsewhere.Living in New York City, I faced a challenging market ;)I chose Montgomery, Alabama.Here's my process:I compiled a list of states with favorable landlord laws.Using Brightinvestor, I identified cities within those states where the median home price falls below the national average ($420k).I excluded cities with negative income growth and rising unemployment rates.I focused on cities with strong appreciation rates over the past five years (over 10%).I compared price-to-rent ratios.I did break two rules: Montgomery has a slight decline in population, and its largest employers are an Air Force base and government agencies.One significant factor that influenced my decision was the promising price-to-rent ratio, suggesting potential for positive cash flow (though I remain cautious about appreciation).Regarding my acquisition strategy:I plan to employ the BRRR method with cash.

The neighborhood has less crime compared to other parts.

If yours isn't renting, it's possibly priced to high compared to the competition. 

I've seen several of these places down to the studs at very very very discounted prices compared to a completed home.

Do not let that stray you away from STRs, just know the numbers and your spreadsheet aren’t going to look the same since you must take so many variables into account.Another rule to keep in mind will again compare LTRs and STRs.

First, look at comparable rental properties on websites like Rentometer or Zillow to get a sense of the average rent you can charge.

Cool, it's actually the county seat of the county and very low unemployment compared to other areas.