Hi Chris, As financing costs will be a big factor in determining profitability, you should be asking HMLs for proposals to fund. 

I mean by safest is on the volatility, for example STRs have many different factors, seasons of the year, local government regs and much more.

Here's a link https://www.oregon.gov/ODA/shared/Documents/Publications/FoodSafety/ServiceAnimalsposter.pdf The BS factor is off the charts with some clients...Then it gets tricky because you are only allowed to ask certain questions as to whether the dog has been trained to perform a specific task etc.

My goal is to build a data-driven tool that provides actionable insights into which neighborhoods and property types are in the highest demand, based on metrics like:Time on market: How quickly rentals are being leased.Property characteristics: Bedrooms, bathrooms, size, and amenities.Pricing trends: Rental rates relative to market demand and property features.Visual quality: Leveraging property photos to analyze the style and condition of rentals that perform well.The tool will allow users to:Pinpoint areas with the fastest rental turnovers.Understand what types of properties (size, price range, features) rent the quickest.Gain deeper insights into property presentation and amenities that correlate with high demand.Thank you in advance for your feedback.

Do the calculations factor in default rates?

A lot of factors go into this. 

Have they started building yet? 

That depends on a lot of personal factors such as your finances.

Quote from @Lee Loen: Hi,I'm an investor looking to acquire land, build, and sell luxury homes in the Scottsdale/PV area. 

But that is calculated after expenses and depreciation is factored in.