Fewer banks willing to give credit for imputed equity even if generated through heavy lift entitlements. 

It's much easier to rack up  material hours if you are nearby and able to take on some of the timely hands-on work yourself.I imagine that others have tried to do this while OOS investing but I couldn't speak to their success (or lack thereof)

Norfolk is pretty loose on regulations, but fewer areas are desirable, and Virginia Beach has very specific locations that can be STR (Sandbridge and The Resort District).

The property was acquired with the long-term vision of capitalizing on the nearby development of a casino, expected to attract workers and residents.

Maybe there's military nearby or hospitals or universities?

Depending on the property location and what amenities/resources are nearby, it could be a good option for an MTR situation as you are contemplating. 

I see your direct competitor would be landlords nearby and indirect competitors would be landlords further away via ridesharing companies and online colleges for example. 

Personally, I would keep your current home as a rental, manage it yourself, and downsize nearby.

Some is from nearby development of major mulit family complexes happening in areas like northern liberties, fishtown, point breeze etc.

Cable is more expensive upfront, but we have far fewer service calls with cable.