There are plenty apartment buildings, the issue is finding them at the right price point - as in any hot market. 

Still not 100% sure what I will do at the end of this (we are a long, long way from the 3.5% rates and hot, hot sellers market of December 2021/Jan 2022 when I started looking into this). 

Whenever you see reports of a "hot market," you are already too late.

I don't care what kind of business it is, STR, Hot Dog stand, any biz I am NOT paying 8X annual gross revenues, no flippin way! 

* What are some factors to consider when identifying these hot spots?

Also perhaps the homes built in the last 10 years have sprinkler systems and even drip systems near the foundation to keep the soil moist.Look for signs when you are viewing homes....especially in the hot areas.When we evaluate homes, especially with buyers we're looking at the BIG 5 as best we can. 

Unless you can knock all of those items out in the next week, price competitively in the market and are in a hot area. 

If you sell in a hot market, buyers might overlook the plumbing for the right price, especially if the upstairs shines.A Few Thoughts: Your plan’s solid, but a couple of things to consider.

But if you did the property up right with killer design and great amenities -- I'm picturing cool wallpaper, a game room, boho/modern furniture and a hot tub -- I can see a place here doing well as an affordable Airbnb/STR option just 10 minutes to downtown Denver.

Just know that if you are moving somewhere to chase the hot market, it will only stay hot for so long.