Look what happens with Las Vegas every time the gaming, hospitality and tourism industries crashes. 

Walmart, on the other hand, has a beta of 0.48, which also makes sense because even in a downturn people are going to continue to need groceries, and since Walmart has cheap products, people will continue shopping there, which means Walmart won't experience as severe of a downturn as the average company.If you apply that to a real estate market, I would think that cities with high tourism have high multifamily betas (maybe Nashville as an example).

FL lives on tourism.

we are placed right in between two other "trendy" towns that have a fair amount of tourism (although this town does not especially attract tourists the neighboring ones do) and we would be walking distance to the restaurants.I really like your thought on the mobile being 50 years old in 12 years though. good thing for me to ponder. 

Also, both Arvada and Wheat Ridge allow Airbnb rentals, even as investment properties (laws could change in the future though), but that is another strategy that could cash flow well if managed properly since Denver metro has really good tourism in the spring and summer months.   

Note that tourism in the region is seasonal since the summer heat keeps folks away.

I bought in an HOA that is very friendly to short term rentals (the entire area depends heavily on tourism). 

Invermere is the central town on the 93/95 corridor (Golden to Fernie) and its surrounding towns are mainly frequented by Calgarians for at least overnight because it's a 3-hour drive so tourism isn't likely to go down, if anything up because of the boom with Covid.

Again depending on locations it could run nicely with school years for universities, colleges, tourism.

Historically plenty of tourism, STVR are the norm and aren't likely to be capped or deal with new legislation, obviously subject to the occasional hurricane.