I have no idea what the average unit size, or bed/bath numbers are like in your market, though.I may have given you too much information so below you will find a quick pro/con list.Pro: lived for freegained landlord experiencegained rehab/flip experince (from a hands on, and Project Management perspective)have a great rental when I move out ( I will cash flow over $150 a door after accounting for PITI, maintenance, vacancy, and Property management when I leave)It is less than 5 miles to workClose to economic anchors (community college, military base, and downtown OKC) Cons:  Not the best town in the OKC metro (the street is safe, and so is the town, just not my forever area).           

Renting to a tenant - do stainght screaming and credit check, call past landlords and current employer( to make sure the job will last at least 2years).... 

I have been self employed since 2007 as a real estate agent and investor. 

The key is lot size and opportunity to add on another room esp in pricey neighborhood at exit.680 sf is adequate so may be add a porch later.

To see if you are on par with others, do a search in the area for a rental of the same size.

I have it on the market for 3 mil .in development you have no value until you have a user.. unless your going to develop it yourself.and if its just two residential size lots those would have very little value unless they were needed for a greater good.

You need to get a good paying job and after saving/working for two years if you have sufficient funds for a DP you then approach a bank for a loan.To be a investor you must have cash, employment and a high credit score.

We are looking for a cloud based (hard wired) security system for a mid-sized apartment building.

My short answer to you is, I would expect about a 50% occupancy rate and probably not more than $200/night ADR (average daily rate) depending on the size, quality and location of your STR. 

It is funny that the state requires you to have one if you are employing someone, but make it so difficult to achieve.