What matters is whether your finances can sustain a drop in rental rates and possibly above average vacancies.

You want to be able to sustain this and going too hard is a good way to burn out. 2.

Owning/managing an STR is not as simple or straightforward as standard rentals and to successfully run them you need to have good systems and procedures in place to sustain them.   

@Jordan Gilberti This is one of the toughest areas of this industry to accurately capture...especially flippers taxed as ordinary income...and at the end of the year, how many investors really do a deep dive on their properties and confirm actual ROI...not many...this is tedious (and sometimes disappointing work).While flipping houses is not a viable or sustainable industry, it works for generating vacation cash...the most successful flippers aren't flipping houses any more, they are lending or teaching other people how to flip houses...but why?

Taking into account climate change, the regulatory environment and future growth (population and real estate valuations), cities like Charlotte, Nashville, Chattanooga, Atlanta, Birmingham, etc etc should win handily against costal cities or the rust belt.Ultimately the best city to invest is the city you can invest in first and the most sustainably.  

Another option is to speak to the city and see what kind of support they can offer.Where is this community located and is there potential job growth and a sustainable economy in the area?

The economy is primarily based on fishing and forestry, which I don't really consider to be sustainable sources of employment in the long-term.

But are they sustainable?  

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What I see that is different in this economic cycle compare to the last is that people are able to work despite not having an employer.  During 2009 when I bought my condo in SF, to supplement my vacation income, I si...