For instance, Berea is a charming college town, but the combination of local taxes and less favorable price-to-rent ratios makes it less appealing for investment compared to other areas in the state.Agree here! 

Property TypeUnderstand the different types of multifamily properties:High-Rise: 9+ floors with an elevator, often urban.Mid-Rise: Smaller than high-rise, usually with elevators.Garden-Style: Low-rise apartments in suburban or rural settings.Walk-Up: 4–6 stories without elevators.Manufactured Housing Communities: Mobile home parks where land is leased to homeowners.Special-Purpose Housing:Student Housing: Designed for college students.Senior Housing: Dedicated to older adults.Subsidized Housing: Affordable housing supported by rent and income restrictions.3.

Quote from @Holly Barrett: So I'm comparing them w/Foremost on our Short Term Rentals, the quotes are $500-$1000 less than I am currently paying for each property per year.

What is the current market valuation of the property based on comparable sales (defined as similar properties, within a 1-mile radius, within the last 30 to 180 days, that are within 10% of total square footage)? 

I wrote the above for informational purposes.

You'll have access to owner occupied loan products, therefore saving on your down payment, typically 3-5% compared to 20-25% for non owner occupied properties.

I wasn’t looking to add value or find something off-market because the time and effort just didn’t seem worth it compared to focusing on my career.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Are there any unique considerations or red flags you look for compared to the traditional rental process?

However, the best way to get a feel for rental rates compared to values is to review/underwrite properties in the area - only after reviewing/underwriting many will you begin to see a pattern.