These are the locations that everyone thinks about when they are looking to invest into strs.Pros:Established rules and regulations Tourism Driven markets so they won't ban Airbnbseasy to find cleaners, handymen, managers,etcCons:Highly competitive. hundred of listing to choose from and more are comingEveryone wants to look there for STRs so the price is skyrocketing lowering returnsNew money means new renovations, will this mean 5 yrs down the line you will have to do a lot of work to update?

My experience in countries and cities that depend heavily on tourism has been excellent (Mexico, Greece, Thailand, New Orleans, Galveston). my visits to places less dependent on tourism have been more mixed.

I see the best plays right now in countries with currency plays (Brazil) and/or heavily dependent on tourism which has been crushed  by Covid (Italy).  

Check the tourism statistics: number of tourists, length of the season if seasonal, competition from hotels, hotel occupancy rate, is the place gaining or losing in popularity;2.

Here in the Myrtle Beach market the local economy has relied on tourism (and to a large extent short-term rentals) for decades. 

Black Hills in general presently at a 1% vacancy and seeing a lot of growth and persistent tourism.  

Tourism is a pretty major part of the economy, as Missoula is one of the gateway communities to Glacier, as well as a transit point between Yellowstone and Glacier.

Tourism is down but so is competition. 

Based on comps and tourism traffic, I really think the location would perform best as a STR/AirBnB/VRBO once a building sits on the lot.

I think markets that rely heavily on tourism would do well with something like this.