I live in a college town in Kansas with a very high demand for rental properties and I have seen several deals that I believe I could make 10-15% ROI on. 

I would also recommend putting a test ad on Craigslist advertising a 3/2 mobile home to see if there is demand in the area.

I only accept guests with reviews on airbnb and since I don't have this feature on vrbo, my guests from Airbnb are "better" (less demanding, cleaner, easy going,...).

Demand is too high and inventory too low.

Good time to be buying if you can, but maybe even better in the near future.Like Dean mentioned Auckland is the place to be if you can afford it, that's where most of the population growth is and the supply and demand is out of kilter.Christchurch is a dead duck unless you know how to deal with Earthquake damaged, uninsured houses.Wellington is doing ok right now but is a "late starter".And the list goes on, feel free to PM me if you wish to discuss things more Indepth.If you don't live in NZ can I ask why NZ?

My point is, do not only depend on them because there is so much demand out  and every investor is fighting for the same property and its tough to compete.

I believe that lowers demand...

Location: middle income neighborhood with rentals in high demand & a university 3 miles away.

One day you may wish to sell the place and buyers are much more demanding than tenants.

(I love the M2M non renew option, hate term leases).Managing your business properly requires setting base line standards that are not moveable, training tenant to what the landlord expects and getting rid of/finding good tenants that will make the management of your business very low demand on time and resources.