This part of Durham was wildly dangerous 20 years ago, but a wave of revitalization/gentrification has overwhelmed this area.

While the OP I believe had good intentions in trying to inspire others there are a couple things he failed to include that I think are slightly dangerous to others who may be reading this.

We need to start talking about STR safety more, and please, politely make your friends/colleagues that are STR hosts aware of dangers that need to be addressed.

This may sound stupid, but is there any danger of the indoor pool in the smokies becoming the Jacuzzi tub in the bedroom of the future? 

That's a dangerous game if you ask me.

It will be bloody expensive and dangerous.#3b Get a small old home in those hot cities, it will be even more expensive but it doesn't have HOA#4  Find a city where a SFH makes sense, ideally avoid the condos unless I see something that makes sense. 

it's a dangerous game, but for me the reward outsizes the risk.

Call around and ask about their dangerous breeds policies.

If the old paint is encapsulated it isn't a  danger.

James pointed out why over-leveraging is dangerous so I will not repeat it.