Units in Cleveland do well too, but I personally wouldn't buy an STR in Cleveland proper until this legislation gets sorted out. 

I know how to calculate profitability using the Enemy method, and I know I’ll have to research legislation, but identifying a high cash flow area is overwhelming.

Here is link to landlord friendlily states based off their legislation.  

My assumption has been that higher density would equal greater value for the land but don't know the metric for how to determine that given all the unknowns with the new legislation. 

You can subscribe to updates and read more about the proposed legislation here: SB391. 

Additionally, with the legislative session ending in a couple of days, unless something happens quickly in may be 2023 at the earliest.

In only a very few states have definitive legislation been passed that makes licensure a requirement; many other states reinterpret existing regulations to require licensure.  

PLEASE DON’T WAIT.LD 1255, introduced by Portland Representative Grayson Lookner, mandates that once the Governor’s Pandemic Emergency Declaration expires, most for-cause evictions are banned for ninety days.It specifically and by name or number bans evictions for:Rental defaultExpiration of leaseTenant causing substantial damage to property – 14 MRS § 6002(1)(A)Tenant causing a nuisance-at-law or causing the property to become unfit for habitation – 14 MRS § 6002(1)(B)Tenant is a perpetrator of domestic violence, sexual assault or stalking against another tenant – 14 MRS § 6002(1)(D)Tenant or guest threatens or commits violence, threatens violence or sexual assault against a tenant, guest, landlord or landlord’s agent – 14 MRS § 6002(1)(E)Person is an unauthorized squatter – 14 MRS § 6002(1)(F)We suggest you tell your legislators:“Right now, during the emergency, my tenants are protected, under law, from bad tenants.

As such, it is not impacted by the referenced legislation.

I thought I was in the right to give a 30 day notice at that time (because it was prior to one year of tenancy) but apparently that legislation changed.