Got out of the STR business myself but still in touch with some people who are still having success.In my observation, the only homes where the #'s still pencil out are the larger, more luxury products.

To me it seems that there is further need for lodging in this area.

I manage properties from small luxury apartments with one  bedroom to Villas 1200 sqm.

I'm in turning an office building into luxury condos in a seaside town.

Negative side of Light rail is  crime, I think little bit high, because free people commute to Bayonne for free roam around, do steal from backyards etc.Multistory buildings high luxury apartments will invite high profile NY employees to Bayonne, but rent may come down due to more supply.

You might get a little bit higher on the first time around if the seller has the luxury of holding out for a higher rent or does some sort of lease special.

A client of ours is a property manager for a lodge about 80 miles from Willow.

It gets harder to save money once you have kids (and maybe you won't have the luxury of dual income at that point.   

Real luxury/wealth in my opinion is having the option to quit if you wanted to.

Is the fridge a low-end unit you can find at any home depot for a few hundred bucks, or is it a luxury sub-zero unit worth 15k+?