I am pretty risk adverse/conservative, so iId preferably stay out of C class neighborhoods and want to be in markets that are stable and have projected growth. 

UNIT DAMAGE is the #1 most expensive item, so focus there and we do that by knowing the indicators who who's most prone, and adverse to do such.

And realize that sponsor selection is one of the most important decisions you will make—a good one can produce the best possible result in the face of adversity.

Risk adverse.

I'm risk adverse and have 0 interest in doing uncertified work.

However I would not be adverse to a initially negative cash flow property if it was either noticeably below market value or had a decent/good value add.

For example, if I am about to offer $2M on one property projected to produce 10% CoC return, and $2M on another property projected to produce 10% CoC return, but HAD to choose 1, I would go with the more risk-adverse deal as indicated by these metrics.

At least in cities with adverse regulatory environments like Raleigh, requiring operators must be full-time residents and stay in the property for the duration of a short-term rental, I don't see how this (Airbnb) could scale into a business.

What I am concerned about is deferred maintenance adversely affecting cash flow.

If you are risk adverse real estate, (especially out of state) is not for you.