However, there are risks, such as stricter lender requirements on the use and location of the property, and lenders may require you to prove that it is used primarily for personal vacations (not exclusively as a rental).Additionally, using it for short-term rentals could lead to changes in loan terms, and some lenders may not approve if they suspect the property is being rented out frequently.

We're in the larger multifamily space, but regardless location is pretty universal.  

I would recommend planning for some unexpected costs on an extensive rehab like this, especially if the current tenant didn't treat the house well.

They can take time with their search and be more selective about a property’s location and condition.

If the land is in a suitable location, this could open up opportunities for developing 2 homes or even selling off one of the lots, which could lead to a good profit.

It was a great crash course on the basics of a RAL business from location, staffing, patient selection, and branding.

Based on your post and other comments, it sounds like your rehab is extensive enough that the property isn't habitable.

If you look in another location I would stick to the 2 you are already investing in and expand your footprint.

Hello -  My husband and I are experience real estate investors, with several LTR/MTR/STR located in Ohio and Geogial,    in 2022,  we purchased a seasonal boutique motel in Western New York.   

Norfolk is where the majority of multifamily inventory is located, Virginia beach is zoned much more single family.