I will say, if you get to know the market then you increase your ability to spot a deal and your courage to act on it.

We've had the best results from mid grade berber with a dark cream + spotted pattern.

A family that lived there had a little kid who colored on it with marker and left some marker spots on it.

But we still have 6 spots for the tennant to sign the lease, 1 signature line for the 6 page lease but then 5 more for lead base paint, asbestos, sub-metered utilities, hold harmless for a lake, mobile home right of first refusal.

Then jump on that sweet deal when you find it.

@Kelly N. is spot on about the scam that starts with the con offering to pay in advance and mailing a check for too much.

If your working capital is not super high or is fixed don't use it all up after spotting one good deal.

If you're keeping it as a rental just keep your tenant pool in mind, as there are some rough spots in the harbor. 

@Rafael EstevesAll the responses are spot on but I wanted to add a little more that might help.For a value add strategy it's all about the ability of an operator to force appreciation by increasing NOI.

RevPAN is nice because it allows you to see the combination of ADR and occupancy.Essentially it’s a way of figuring out where the sweet spot is for pricing...For example, if you pulled in $5,000 in gross rents for the month and the place is available for all 31 days of the month, the Revenue Per Available Night is $161.29 ($5000/31).