We have 2 cabins in the smokies and the one with the amazing views does almost double the rental volume of the one that does not have the best views and they are both new build cabins with average amenities..no pools. 

I can only really speak for Tampa but if you buy a unique and/or amenity rich property in the right part of town and do all of the management pieces right you can and likely will be successful. 

Depending on your STR area, the table stakes to compete is very high right now so your furniture and amenity spend is going to be way higher than you think.

To add to what @Jonathan Greene wrote:1) Understanding the local market, so you know what Neighborhood Class your building is located in, what Class your Building is (condition & amenities), and what corresponding class of tenants will be attracted.2) Using all this data to properly set your expectations and a realistic ROI.3) How to better screen prospective tenants, including catching fraud, so your property performs better.

It will give you an idea of what your competition might be like, and for those being rented a lot, what amenities seem to be popular that would get the most rentals.

But considering we have to go with the traditional 20% down payment, we know we do not currently have the budget to get an STR that would stand out and have all the amenities that we would like to be able to offer and be in a great location.So I would like to ask for some advice from all the experienced real estate investors on BiggerPockets.Do we get in the game now?

STR arbitrage is getting more expensive as everyone is force to add more amenities.

What do their calendars look like, what is their nightly rate and amenities they offer.Look at the pricing of places you are interested in and run some numbers. for get STR in Vegas go mid term rental  those will bring in basically as much if not more than STR with not nearly the hassle and  such..

Money is getting tight and tenants are looking for what fits their budget, not the amenities they can afford. 

I’ve updated my listing to remove the reference to the fee and selected the paid parking amenity but I’m not convinced that they won’t delist my properties in the next 7 days.