In some areas, there are limitations on how much and how frequently rents can be increased.

Shootings, gang activity, drug deals are a frequent occurrence there.

David Green and other "big time" investors frequently mention the difference in mentality of a "discount agent" vs a "rockstar agent".

The power company and grid is a mess - outages are frequent, so you will want some type of backup for guests.  

This was so frequent our landlord came around looking for a leak because the bill doubled since we moved in.

A good policy set up should lower the agent commission to increase your return, it is why some agents are not offering those as they are making more money selling other kinds.You can reach out to @Thomas Rutkowski who is a frequent contributor in this forum and who has a great website on the subject. 

Those things are usually tightly controlled and often very expensive and frequently offered in limited quantities. 

Is it close to frequently visited spots (hospitals, national parks, stadiums, convention centers etc.). 2) STR Regulation: Is it even legal to run as STR in the desired location? 

You are getting a wholesale price... but also frequently bidding in the blind as to the condition of the property.  

Because I knew I could check up on the job frequently, I felt confident that I could get a good enough experience/product out of the contractor.