But the fires have changed things. 

NYC apartments will have a different car requirement from Orlando, but he used that methodology in this specific small city and was an investor from the 1980s-2000s, so a lot has changed, but I believe there is still some truth to it.

I don't really want to invest in a D-class area.Tangentially, what are some of your "it's time to sell this property" red lines when it comes to the changing economic conditions of an area? 

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

Change your story each month as different stories will resonate with different people AND use each story to emphasize one of your “who do you know…” questions.

The short-term rental market here is particularly lucrative, though regulatory changes can impact profitability. 

If you are talking 100+ unit apartment complexes, then I would change my tune a bit.What is more important than the actual market, is the dynamics within that market?  

One key factor to confirm is whether the STR permit is transferable, as regulations can change.

Nothing changes behavior faster than, “Oh, you broke the rules?

They also, last minute, changed an 8 bed Fourplex to a 6 bed.