Would it generally be a location that tends to have a higher cost of living? 

The best amenities for Airbnb in terms of ROI often depend on your target audience and the location of your property.

Study what kind of properties sell, for how much, and what kind of tenants live there.Think with a 10year+ vision, but a decently sound property (not a 1900 single family conversion that is begging for a full gut rehab), and but in the RIGHT location. 

Hey Jamie, I am actually a property manager located in Jacksonville, FL and work with several investors in the area.

Location, location, location.  

Investment Info:Small multi-family (2-4 units) other investment. 31 duplex development located on the East side of San Antonio.

Focus on location: Look for properties near colleges or hospitals—they tend to bring consistent, reliable renters. 2.

This community is being built by GS Courtyard Homes, located out of Bedford, IN.

Understood I made a bad move here as this was first investment so didnt think much except at the location for longterm growth or possibly I move there as part relocation.

Maybe look for a different type of tenant that doesn't leave every year or sell the place if it isn't meeting your other investment objectives.2) As PM's we always seek prior authorization for expensive turns or capital projects, even though the estimates given to our owner-clients are often ball-park numbers.