Want something practical, attractive and durable.  

The seller is going to want to raise the rents as HIGH as possible to make the purchase look attractive to someone else.I do see more of an issue if the Prop 13 rollback applies to apartments.  

I think what attracted me to Houston was the average housing price for 3bd/2ba, economic stability, economic diversity, along with other statistics. 

Quote from @Carlos Ptriawan: Since when Phoenix becomes a tourist destination.It's huge.

You should also clean the house after you've stayed there so you know how to price cleaners.In my market, most units already come furnished if they are in the tourist district.

Our political climate, location, tax structure are attracting businesses and young professionals and families alike.

There are still lots of buyers out there right now purchasing and obviously each market varies, but the market has a long history of being a tourist destination and the investor is providing a quality product to the renter, in our market they are still seeing great returns.   

Read through the Short-Term and Vacation Rental Discussions and you'll find a lot.Most people suggest areas traveled heavily by tourists, like Smokey Mountains or Florida.

Also, the landlord friendly laws make it an attractive option for out of state investors.

Quote from @Maria Checchin: Long term vacation rentals are properties rented for one month or longer, while short term rentals are properties rented for one evening up to one month.There are pros and cons to each type of vacation rental property:Pros of short term rentals:Personal vacation useLess wear and tearEasier maintenanceMore overall rental incomePrice AdjustmentCons of short term rentals:Competitive marketsMaintenance and repairsOff-season vacanciesProperty managementDeciding between short term and long term rentals depends on the market and the investor's personal preference.In my market, STRs are anything rented less than 6 months and, as such, are taxed for occupancy/tourist fees.