Licensable vacation rentals are obviously in high demand and offers can become quite competitive, I don't have any formal statistics but I'd say a quality active or eligible vacation rental sells at least twice as fast as a non STR property, the majority within days..My best advice to investors shopping for a hot or high demand asset class is:- Prepare & Practice: Get your ducks (GO UO!) 

Quote from @Matthew Mueller: I don't know the law in your state, but in my state a copy of every document should be made available to anyone party to the transaction.I would demand a copy.

It’s a heavy tourism area with year round demand and tight restrictions on STRs that keep room rates high.  

But competition and demand hasn't declined.Happy to talk more if you're looking in the Detroit area.

However, the area it is in is high demand and rents are accordingly high.

. - Increasing population is increasing demand - Labor trends seem to indicate that a large percentage of the "jobs added" in the jobs report over the last few years are works who are new to this country. - A dramatic increase in the supply of willing workers usually results in a decrease in hourly wages. - A dramatic increase in the supply of folks needing a place to live usually results in increasing home prices and increased rents.

June 2024 Monthly Housing Market Trends ReportDATA, HOUSING DEMAND, HOUSING SUPPLY, MARKET OUTLOOK Jun 04, 2024 The number of homes actively for sale was notably higher compared with last year, growing by 35.2%, a seventh straight month of growth.The total number of unsold homes, including homes that are under contract, increased by 20.9% compared with last year.Home sellers were more active this May, with 6.2% more homes newly listed on the market compared with last year.

Their labor will demand a payment.  

Unfortunately, cleaners may try to demand more over time and a new cleaner needs to be found. 

There are a lot of competition and the market is weaker for str demand this year.