The only waterviews you can find in this area are from large single family homes....I'm having a hard time figuring out what a 646 sq ft high end water view rental could command in rents--in general I'm having a hard time valuating this deal and if there is someone with some experience with view properties I'd appreciate any help!  

Finally, don't entirely rule out the Dallas market, even if you have to pay a bit more for the property you may be able to command higher rents so it may work out to be a wash income wise.Good luck in your endeavors.

@James Park has a great command for the market where you're interested.

From what I read, the STR race lately has been predominantly towards the best-looking, amenity rich asset that commands higher ADR.

And people who check all 3 boxes that I mentioned are very rare, so they command and are worth a premium. 

. - Rent - Which markets command largest nightly or monthly rent (whichever term length you have in mind)? 

Some of these duplexes can host an entire family and command much higher rents!

Rehab to make it closer to neighborhood to command higher rent. 

Annnd the best school systems tend to command the highest tax rates, so it can be variable by school district. 

i think the numbers in this post for construction are really low... its def not 200 a sqft, the poster that said 350 is prob more spot on.... i looked a project where the house was just off ventura in studio city yet facing it, the next door house was capecod new build sold for 2.3m i think and the nextdoor lot was thesame size for sale 950k-990k i forgot where it closed...long story short at a min you need 3000 sqft for those homes and at a 300 build thats at least 900k if you are lucky...you need much higher quality finishes and products to command that market esp in the valley, and a pool at least will cost 150k...so long story short, the margins might be decent to make like 200-300k but the risk is far greater.. if that luxury mkt softens a 10% drop in price on a 2m house is a lot of money whereas a 10% drop in price on a say 600k flip is only 60k