Rents have increased significantly but so have housing prices. 

Just make sure you are saving towards those slow months during the peak months, buy a deal at the right price (don't overpay just because its a turnkey STR or you think it will make more money than projected), and look into ways to increase bookings during those slow months with some marketing and operation tweaks. 

I will be sure to increase my rice in the future!

Gave the other tenants a smaller 250 increase and fixed up attic space to rent as storage.

After months of blood, sweat, and bargaining with contractors who seemed to vanish into thin air, I finally flipped it for $180,000.

That then registers the property at a new “base rate” and your future rent increases all be “base rate” + Inflation as guided by the town.

Yearly increasing costs will, in time, eat up any profit they have per unit.

Strong rental demand: With major employers like the Cleveland Clinic and University Hospitals, along with a growing arts and culture scene, Cleveland attracts a steady stream of renters.Revitalization efforts: Many areas of Cleveland are experiencing significant revitalization, which can lead to increased property values and appreciation potential.I can't comment on the Detroit market specifically, I have never been and have never done any research on it!

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

Even a small increase could make a difference in cash flow.