@Ben FrenchYou can find more expensive notes in major cities but two things typically occur with these types of assets.First is you will pay more the note and second is the borrower is significantly more sophisticated and will also employ a legal team and fight you tooth and nail to keep the property if it does have value.

very sophisticated input, learnt a lot here!

Should I put my trust in sophisticated tools like Air-DNA, or keep it simple with Excel and Airbnb data? 

BUT, it does mean that sophisticated lenders believe that THE CHANCE of default in said situation puts the loan beyond the “risk/reward” parameters that they’re comfortable with.  

There was a time when the less sophisticated or those with limited means solely invested in "friends and family" deals.

It also requires gaining a level of sophistication and knowledge that not everyone has the time, inclination or ability to do.

The use type is certainly residential, but the common market perception is residential is primarily owner occupant product.  

Keep in mind that a number of the larger, more expensive units on Okaloosa Island are managed by large vacation rental companies like Vacasa, Southern, etc OR by more sophisticated owner-managers who have their own direct websites. 

And generally, no sophisticated investor would make a go/no go decision based just on the return (and without knowing enough to closely examine the risk as well).

My portfolio is expanding and I feel I need to make a switch to a different software (I am currently using Innago) which has worked well for years but is missing some of the more sophisticated features - there is no mobile app for landlords so it's hard to manage on the go, there is no accounting functionality built in, changing lease terms/renewals can be clunky.