And you have to work hard at making the home a destination in and of itself (ex: hot tub, outdoor lighting, heat umbrella, fire pit with wood, grill, sauna, games, arcades, books, great cookware, etc.).

DM if I can shed more light on it for you. 

& @Eric Gomez I can shine some light on the Catskills region, more specifically west of Woodstock in areas such Roxbury, Margaretville, Stamford, Jefferson etc (ie Delaware and Schoharie county. 

Tread lightly and make sure you can afford it.

I would also recommend going light with your countertops.

Normally when you hear cap rates this high the expenses are not calculated correctly or certain expenses are omitted (no vacancy loss, no management fee, light on repairs etc). 

Could an experienced s8 investor shed some light?

If you do not like ceiling fan landlord will replace with light fixture. 

With a bank statement loan, if you have decent credit (700+) and 10-20% to put down, you can light your tax returns on fire and replace them with 12 or 24 months of bank statements showing your cashflow.

So by finally hitting that bruising pain point, that means light at end of rate tunnel.