This is not a great return, but not terrible.As others noted, there are other risks, like having the property insured at full replacement or purchase price, or if the option is 100% seller financing with no money down or very little, versus 20% traditional down payment, this can start to move it into a better investment.

Quote from @Kevin Rodriguez: After numerous unsuccessful attempts to secure a deal to cohost, I’ve decided to adopt a new strategy.

There are some home loan options that require as little as 3.5% or even 0% down.

Quote from @Dean Sexton: There are benefits to both options.

You aren’t owners with lease options.

Starting with remote investing, like in Charlotte, can be an option, but it might be worth exploring local opportunities in Orange County too.

For example, I've had a couple of 3+ bedrooms sit for a longer period of time because they only had one parking space available (and no on-street options nearby).

Have you consulted with lenders to discuss your budget and options?

While you work on that, you could also explore creative financing options like DSCR loans or partnerships to fast-track your first STR.

Consider financing options like hard money loans, or FHA loans for house hacking, and focus on areas with strong rental demand near the MA/NH border.