There isn't much of an economy there.

STRs work best in tourist-heavy areas with high demand, while LTRs perform well in markets with stable economies and diverse job opportunities.

And the impact to housing and the economy as a whole if this path is followed?

Licensed with permits ~$3,250.HWT standard gas single family low efficiency without exhaust retrofit $900.Sand and stain hardwood floors, natural stain $3 per sf.Paint interior walls, ceiling trim and doors 3 tone paint scheme 2 coats $3.20 per sf (floor area cost includes paint)Click lock LVT flooring install overlay inclusive of prep and quarter round $4.50 per sf (materials and labor)Asphalt roof installation 3/1 - 800 sf bungalow with 2 layers of shingles - ~$7,900Standard porch cap replacement with 2 new precast concrete steps ~$2,500Used stove or refrigerator delivery and install $350New stove or refrigerator delivery and install $HD model specificUse this as a general guideline. 

I used a property manager (before I was one) for (1) time & headache savings and (2) the value the property managers provide by economies of scale (marketing, discounts with vendors, etc.).

Home values are much more affordable and the local economy is trending upward.

I tend to overanalyze things, often leading to inaction, mainly because I have a somewhat pessimistic outlook on the economy and I'm trying to avoid getting overexposed. 

For a city with such a large metro area and a growing economy, I believe it’s only a matter of time before this disconnect resolves.

If the government wants the debt to drop, forcing interest rates lower would likely help that by stimulating the economy.

But essentially Apple is injecting a TON of revenue into the local economy which attracts investors AND people wanting to move to the area.