And, there is every possibility that I am able to assume quality debt if I am a low-leverage purchaser.

Take for example the lack of productivity where construction projects often experience time and cost overruns, rework or quality concerns. 

That could mean poor tenant quality, which could lead to them not paying or eviction.

You haven't given many details so it's difficult to give you a quality answer for your situation.

@Joy McQuearyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Also make sure you have quality insurance with an umbrella policy.

Appliances supplied mean better rents and a higher quality tenant.The location of the rental and the type of tenant you want will dictate what you supply.Finding a good supplier of new appliances will get your cost down to the point that used doesn't make sense.

The best way to estimate expenses is experience and knowledge of your specific asset type and market.For vacancy, that will depend on your market and the quality/desirability of your type of unit.

If you ask nicely and promise not to share, you can usually get good financial information on the properties that are currently operating as a STR.If you're just starting out looking, you may not be aware of just how many cabins out there are poor quality builds due to the lack of codes.

I get quicker responses, guidance, relationship building, more trust, and overall feel like their quality is a lot better in terms of inventory/customer service.