that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

There are a lot of good posts on here so I would take some time and read the forum so you can hit the ground running.

Then it likely takes hiring a GC to manage the project.  

In the past two years we have completed over a dozen flips, We are holding 20 rental units self managed and 2 self managed Air BnBs.

Here you are basically hitting it without needing to manage a property in another location.

After reviewing your application, we’ve determined that, unfortunately, we are unable to move forward with your application at this time, as it does not meet our established criteria for income and (other established criteria) We appreciate the time you took to apply and wish you the best of luck in your continued search for a home. 

It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas.

Set up a basic system to manage your listing, update it monthly, and always ask guests for feedback—and don’t forget to casually ask for that 5-star review!

I’ve been in the STR game for 6 years, managing multiple properties, and here are some of the tech tools that have been game-changers for me—both for evaluating and managing properties.   

Stick to areas you know well; this familiarity can greatly reduce risk and boost your confidence when making purchasing decisions. 2.