Our plan was to rent it for 3-7 years, and then sell it, before a roof, HVAC, plumbing, or even much flooring was in need of replacement. 

In the last few years, they've made illegal:-Rent controls of any kind-Limiting of fees or screening charges-The ability of HOAs to regulate STRs or LTRs in their neighborhoodThat's just the start.

We backed out of that deal because there was a freeze that hit Texas market, and that freeze caused a bunch of plumbing issues.

Federal Laws Prohibit Discrimination of 7 Protected Classes, Massachusetts has added 8 more:-02.Always know more of the Rules/Laws/Regulations than ANY Tenant.

However, always stay updated on local regulations related to STRs.In conclusion, Albuquerque presents a fascinating blend of opportunities for both new and seasoned real estate investors.

I don't see them ever reversing the regulations.

Assume a couple of months of vacancy, consider potential unexpected repairs (like HVAC or plumbing issues), and test the numbers with rents dropping by 10-15%.

As others have stated, there are Income discrimination laws in Kansas City so if you are an investor with rental properties in this city, make sure you understand the regulations. 

Otherwise, if it was investor owned (not owner occupied) and under rent regulations before you purchased it those rules would still apply.

However to save money when she had the house built, she left the basement unfinished--it is just studs, insulation, and windows/doors, plus plumbing in the foundation.