I know schools have really gone down hill the last years but come on, it's literally in the name your using, PERSONAL.

Bought another cute condo in the DT area when the RE Market started going downhill in the fall of 2006...we bought it for $22K less than they had it listed for in the spring of 2006. 

I have personally dealt with an HOA that was fine with STRs at first then things went downhill ... it was an actual nightmare. 

Also, the costumer service at Stessa has been going down hill and this sudden move to charge without warning took the cake.  

Well this is not equities.To me it's more like owning a 7-11 (than owning securities), you need satisfied customers with enough money to buy your products, and you need new customers who need and want your product.There is long term maintenance to keep the asset value (providing the neighborhood does not slide downhill in 20 years and become a crime hole).Realize your cash flow needs to be set aside for things like roof replacements, water heater replacements, etc..., (HUD has a service life list for things).You benefit from loan pay down, natural appreciation over time, and any forced appreciation you can do.You can get depreciation on an asset that appreciates.You lose if you run out of money to pay the mortgage, insurance or taxes, and lower the rental value if you cannot or do not do required maintenance and replacements to stay current with local current demands.You may face foreclosure, bankruptcy or personal asset dissolution, depending on how your assets are held and how your loan is worded.I don't think you can put a numeric on the risk.To me it seems more like a Zone thing. 

We have lots of first time users still - probably in the 70% range.Wisconsin is decent from a legal standpoint (though going down hill a little with Evers) I would guess Green Bay might be a little different because of the Packers games but a quick call to the county health department and city zoning would answer that. 

It was an OK area but is slowly going downhill.

Craigslist use to be the #1 place to search for anything, but then they started to charge for certain categories... it quickly has gone downhill.

And keep in mind I am just the bridge lender so folks can BRRR and when they refi I am paid out I dont own any of these long term.The OOS investor acquires a home normally from a fix and flipper be it a turnkey out fit or off of MLS and the agent they are working for like a Holton Wise there in Cleveland for instance.So before they buy it the homes were in disrepair and vast majority are bought from locals who have failed to maintain the property but live there as owner occs.. those folks simply dont get hounded for violations like OOS or non owner occ props.What I have seen is when neighborhoods start to go down hill when they start to turn from predominately owner occ to rentals or the school scores go way down..

Motivated sellers may pay more though.I had a tough to sell home one time I bought it at foreclosure and did not realize there was a toxic dump down the hill LOL.. even though it was on 40 acres and 1k from the home and well and down hill from it was just tough to sell and it was just under a million dollar prop.after sale fails about 4 times..