Different geographies command different prices.

I have one broker I connected with on BP who is a property manager, works with investors and is constantly sending me listings so I can get a feel for what properties are like and what rents you can command. 

Look at rental comps in the area.Also look at average rents, maybe the subject property can command a higher rate, maybe less. 

These cities tend to command quality tenants, and they have great schools. 

These cities tend to command quality tenants, and they have great schools.

To be very competitive and command the highest rates, it's very recommended to spend about 10-15% of your budget on a good designer who knows the short term rental space.

If you don't have experience negotiating/getting people to give you money check out the books "Money People Deal" and "Ten Commandments" by Stefan Aarnio.

@Zihan HuangI am a real estate agent and investor in the Houston market.Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.Rent growth and appreciation is steady.These cities tend to command quality tenants, and they have great schools.If you're intent on buying out-of-state, be sure to heed these additional warnings.

I decided to go with Graham and up until this point the service and responsiveness from him has been excellent and their rates were what the market commanded as well. 

A 500 space park in a primary market with a 4star rating could easily command a 3% cap rate today.