Use a 20% vacancy/tenant nonperformance factor in your analysis.

If you're local, you can start by really learning the market by driving the neighborhoods, studying recent sales, and getting to know what areas investors are targeting.

Rental competition seems like a big one, but I’d love to hear how you weigh other factors too.Thanks again for sharing your experience—it’s really helpful!

I'm finding that this strategy is helping people, building repour with people, and continuing to keep business moving forward while some say it's hard and sit on the sideline to wait until there is mass movement.Appreciate your time and reply and good to hear that you're experiencing some similar action a couple hours' drive away. 

If you're looking to invest your hard-earned money, I'd also encourage you to actually drive through the areas designated as the STR zone.

When considering refinancing, also factor in the closing costs of the new mortgage to determine if it actually helps you.

Insurance is just an expense to factor into your underwriting just like property taxes.

This focus gives you a national reach, and that oh-so-important factor; scalability. 

If your cheaper but I have to worry about utilities that I have to also possibly set up that could be as high as $1000 a month, that definitely factors into my decision.Thanks for your thoughts, Brian.

Probably a 3 hour drive most days.