Many people find this approach appealing because it offers higher rental income compared to traditional long-term rentals while providing more stability and less turnover compared to short-term rentals.By completely furnishing your home and offering 3-6 month rentals, you can attract a specific demographic, such as professionals in the medical field, who may appreciate the convenience and comfort of a fully equipped home during their temporary stay.

The house stayed vacant for 4 months and we spent an unbudgeted for $10k  on upgrades before we finally got a tenant.We operate in a challenging demographic.

I've read stories where tenants rented sight unseen and then were unhappy either with the house or the demographics of the neighborhood once they moved in, and tried to get out of the lease.

With the exception of major city cores (Seattle & SF where my wife and I have most of my properties), they seem to also attract a lower income & higher turnover demographic. 

These judgments are strictly based on your local demographics.

That said, you usually don't go wrong looking in stable neighborhoods without a lot of demographic shifts, reasonably close to shopping & employment, and in communities with at least a few "recession-proof" industries - military bases, medical facilities, universities, etc.

Its good to have property manager who knows the demographic and who has a bit of skin in the game.

I probably wouldn't have given the discount, and if I did it would have been a whole lot less than 5%, but it sounds like you've picked up someone in a great demographic.

Among other things, it's locale and demographic driven.

Most markets won't experience real estate value declines and rental declines simultaneously unless the population base is contracting, i.e. the death of a boom town, or a demographic migration (say from the Rust Belt to the Southwest).