If the person or service is fantastic, there is potential for A LOT of business (~160 turns per year).

@Katelin UhinckIf the commute is an issue you could buy a property that cashflows to go toward personal expenses and still have the long term benefits of having renters pay off the mortgage.

I guess how you handle the person by building a relationship is key here.

I'm looking to purchase a single-family home in the $500k-$600k range with a long-term hold strategy.

@Ashley DennisI think people should consider owning real estate personally (tax benefits) and inside of their retirement account. 

What they said^^^^No obtaining a permit for a structure that will be a habitable dwelling is just plain stupid... sorry - nothing personal.

Personally, I rent out properties that I personally would live in- and I carefully screen my tenants.

Personally it all seems to equal out in the end.Our cleaner charges a flat rate no matter how long the stay or number of guests.

Assume the property is well located with average appreciation ...Selling some properties of mine and just curious what the average investor buyer is thinking ...Thanks guys I wouldn't personally recommend deliberately buying a property you believe will be negative cash flow.

The key, especially in the $500k price range where you have lots of competition, is setting the home apart to make it unique.