This is Los Angeles City-wide:

You have to know your market competition from every angle (price, offerings, perks, marketing, quality of furniture, neighborhood etc) You can overcome negative reviews if you do a lot of volume, that is almost a given to not be able to make everyone happy or foresee every issue a guest may have.

We were featured in a couple of real estate magazines that were widely distributed among real estate meet-ups, and pretty soon, the word began to stick.  

Like Jaron said, consider it from all angles to make sure you have multiple exits. 

Looking at the data you provided for Melbourne, FL:- Average rent is around $2,000-$2,100- Rents have actually decreased slightly year-over-year- There's a wide range of rental prices ($650 to $6,500)This suggests a diverse market with potential opportunities, but also some volatility.

Angling for equity, I love it. 

They had to dig a 12ft deep by 6 ft wide hole to replace.

The market already has appreciated and rents have drastically increased nation wide. 

You clearly have never own rental properties in NYS, sir.Every tenant gets a pro bono attorney for landlord/tenant matters, and there are TONS of these young law school grads working for United Tenants or other such orgs that are more than willing to make a case out of nothing, throwing it on the legal wall and see if any of it sticks.But, I digress...Here's an angle no one has yet taken on this one. 

I’m still figuring out where opportunities are / will be and consume a wide variety of materials.