The more cash flow a property has is an indication that the risk that asset has is greater. 

Ideally, you want to look for markets with a growing economy, diverse industries, and growing population that indicates strong rental demand.

For me, I'd rather have fewer doors owned outright that allow me to achieve my personal financial goals than having a large number of doors fully leveraged with less cash flow per door.

I'm currently researching the market, trying to get an understanding as to where these different areas are located in the cities.Any indication is welcome!

There was no market data indicating there was a market for $3K 3 BR rentals but that was merely because nobody ever supplied the market with the inventory.

But there's no body of case law indicating that to be a concern.

At the end of the day, Panama City Beach and Destin offer more potential for consistent returns, fewer regulatory headaches, and the added perk of a beachside escape you can actually enjoy.

The historical appreciate indicates it will not keep up with inflation and therefore loose value in inflation adjusted dollars.  

I have looked at Hopatcong however despite allowing STRs, it has language that requires the STR to be the principal residence of the owner as indicated by something such as a diver's license.

That being said you can make that kind of money with fewer properties but you would need to do more intense work and higher risk Short Term Rentals, co-living, or Section 8.- My Strategy: I'd like to buy and hold residential rental properties.