I am far from an expert in this field as I have been learning alot myself but cap rate does play a role in your type of business.

I see it as most people are so wore out from being at the parks all they that they pass out and get up early to do it again.I don't even turn on the TV when I'm there.Kids have tablets to watch their stuff and play games on.

I love the Smokies as a long-term play.

The rooms are unfurnished and the tenants are very low-maintenance (hardly know they are there). 2+Unit Buildings here and nearby currently sell for $1.5M on average.I bought the property 16 years ago, so my mortgage rate is very low (2.2%) Even though the property is cashflow positive, my bigger play is the average 5% yearly appreciation.I'm looking for others who are interested in house-hacking in this neighborhood. 

And virtually all of them had owned rentals and maybe kept a few but were just tired on the TTT but wanted monthly cash flow . so there probably is some of that at play as well Investors that dont want to deal with the PM aspect of owning RE..

That’s where details come into play.

Let’s be honest, I’ve watched folks who jump into this game as if playing roulette.. firing off offers on duplexes in Phoenix or leaning on some “sure-thing” house hack in Austin without ever sketching out their plan.

The STR is a hospitality play.

These all play into the "type" of investment we wanted to do.We are in Iowa where December thru March can be cold and windy. 

Cities don't play fair when they decide to go after you.One thing I would also suggest you do is look on AirBnB for the specific building you want to buy in.