I'll end with this thought: we are in an ongoing process to refine our floor plans, to eliminate all the cost drivers possible, while also balancing keeping the units desirable to renters and the future owners of the properties. 

I also run all the marketing, guest comms, ongoing management etc so finding efficient ways to do things is important.

Is this for ongoing projects?

Between the on-going debates about STR restrictions and the everyday hassle of keeping track of the property, getting into the STR game is becoming increasingly difficult. 

If you insist on converting your analyzed figures into what its non-financed cap rate return would be, just be aware that as you say, the lower the MARKET cap rate, the "safer" the market perceives that location, BUT, once you include significant leverage into the analysis, the HARDER it will be to get any sort of positive cash flow ie. not good, UNLESS you're counting on non-stop appreciation.Dare you count on unbridled ongoing appreciation, in these uncertain times?

This will be an ongoing issue but I put up a nice metal fence between the yards to avoid the issue of them going into her yard.

those two things can really put a damper on going large if you dont have access to that kind of cash sitting in the bank. 

I plan on going to some in Fort Worth Texas or Indiana.

If I am incorrect, I hope someone will educate me because that is still an ongoing question for me.

Due a separate bunch of ongoing issues, tenant has not provided any forwarding address.