I feel like it's a space where great operators can really clean up, since the bar is set really low, in my experience at least.

I remember a buddy who once represented a client in the Santa Cruz Mountains.. this client turned an old barn into a shared art studio and invited local artists to rent the space, which ended up boosting inccome in ways they never imagined.The Redwood market can be tricky because of environmental restrictions, zoning quirks, and limited inventory.

But if I'm going somewhere with my wife for any length of time, I like the space afforded us by a vacation rental, the kitchen for cooking, a living room for spreading out.

My opinion is to invest in the S&P unless you are willing to spend a substantial amount of time learning the space.  

On the rent-by-room question: that is correct, about 18-24 months ago, rent-by-the-room was okay in the DSCR space, but those times are behind us.

Well done for making the project work out for you.I have been working with investors in this space for a while.  

I'm wondering if you might ever consider a brief conversation about your experience in Duluth and what you have seen from the MTR space there? 

If you can find a place where the HOA or COA is flexible and you are able to convince the membership to go into development and perhaps convert the property into a co-op you could build a new apartment complex with commercial rental spaces on the ground floor and residential spaces on the top. 

Especially not when rates are where they are, inventory is still pretty tight, and rent/unemployment is on thin ice.

If you want things to remain the same, money is going to be tight.