Apples and oranges.

You are just changing your scenario and comparing apples to oranges now, where earlier you made a statement as if leveraged properties are somehow immune from the same vacancy risks, and as if there is no expense there when they are sitting vacant.

I know there are some STR investors on here that focus on those areas, so hopefully some of those will weigh in, but if you would like to do a comparison of Gulf Shores AL Orange Beach or Perdido Key FL markets, I would be happy to provide you with some examples. 

I'm at the bend of the large shed slinging oranges.

Then just build a matrix function in excel like this:So the middle orange number is my target profit, and surrounding numbers show sensitivity of that profit to ARV and rehab/holding cost budget. 

Newbie question here: I tried to google "county auditor's site" for Orange county, NY, but have hard time to figure out what exactly is that?

Soon you will be enjoying all the fruits (and labors) of Ownership :D

Theres so many networking events in Orange county which is south of LA.

To avoid wasting anyone else's time I will be sure to explain all this in as much detail as possible for the best results and hopes to establish a fruitful relationship. 

There is always going to be a lot of nuance to comparing "rates" since there are a lot of factors when comparing rates for a specific scenario so comparing can sometimes be apples to oranges.