Is it already too saturated or is there room to run?  

Example, I have been using the furnishedfinder.com/stats to help determine if a market is over saturated with investors.

As South Philly becomes more and more saturated, Investors are quickly flocking to this area and you're seeing similar ARV's as a Point Breeze. 

. - Bandon - Within city limits properties need to be within a particular VRD zone and meet a saturation rate (no more than a certain percentage of neighboring properties an be existing STR's.

In looking online at some of the cities I was wondering if it's over saturated?

But the 4 BR townhouse market, alluded to above, is saturated, so be careful with those.

Not just anywhere though, Wintergreen is starting to seem saturated/ hard to cashflowCharlottesville would be a phenomenal place to do a value add to an old hotel/ motel … assuming they actually crack down on illegal airbnbs eventually.

Some markets are just hostile to STR's and for good reason because if it becomes over saturated there can be too many of them and that kills the appeal of the area.

Yeah, good idea but I’m sure every single existing STR investor is looking to already switch which will over-saturate the MTR demand. 

That's a really good point Shane, that Ohio City / Tremont may have, or soon will, reach some type of saturation point and the neighboring areas will benefit.