We live in an area where there is a lake and folks see climate controlled storage as a huge plus.

It takes a lot of effort to move and if you're in a colder climate chances are they dont want to move either.

The media and entertainment industry has a huge untapped potential, and people , especially millennials move easily, to better climate from anywhere so demand will grow faster in the future.

With at least 7 rate hikes planned in this year alone, the rising cost of gas and the overall financial climate, how does a new investor decide on an approach?

You have to remember that the LTV on the re-fi is going to be at 70%LTV and conservative...BRRRR really isn't that great unless you have a screaming deal...most folks that BRRRR with a lender involved get screwed when they have huge renos or unexpected costs with the combination of being incorrect on the ARV...it's really a pretty advanced technique...and there are very few places in the country where you can find deals to make BRRRR worthwhile....sometimes economic condition may create a good BRRRR climate, but those days are passed...

Our professional approach and almost 20 year history gave us an edge over the unintentional landlords sitting on an empty homes they’d moved from.Ironically, our State’s anti-growth policies combined with a hyperactive business climate have forced extreme appreciation and rent growth throughout our region.  

It's a really unique state with everything from desert to lakes and boating, skiing, hiking, golf, literally anything you want to do outdoors and they have the climate and topography to do it. 

With the constantly increasing prices, it has become increasingly difficult for those who are just starting out to purchase property in a highly competitive climate.

(Jumped from 1 to 10 since the following is not done in order just a weighting system that was used as filters:US News' Ranking of Univ > 300Univ Population > 10k (with minor exceptions)Cities Population > 40kMost recent Population change of City > 0% (cash flow mainly like I said, but combined with following could lead to incr apprec)City density (peeps / sq mi) > 1,000Rental Vacancy Rate < 6% (must use PM so high turnover is not super ideal) (yes, I know, base was college area... grrr....)Median property value < $210 K (risk mitigation)Median Rent (used with above for rough cash flow ranking)Cash Flow Indicator ( 1 - Rental Vacancy Rate) * Median Rent / Median Propert Value > (Iteratively throw away cities on bottom 50% of list.)Tax / Legal Friendliness of StateThen take the top 7 from above and review the micro investing climate (actual cash flow, Cash on Cash, etc) of turn keys.

In any case in the current world and political climate I strongly recommend working with a property manager even though thats an 8-10% hit on gross revenue (though a good PM is very much worth that IMO)  I would recommend trying very hard to avoid buying a single house to rent out.