While waterfront properties often command higher prices, higher potential rental income, and higher appreciation rates through time, they also come with significantly higher upfront costs and huge maintenance expenses.

Castle Rock actually doesn't regulate Airbnb or shirt term rentals, so you're good there (as long as you're not in an HOA).

As you no doubt have experienced, the cost of living continues to climb, and even though we do our best to be efficient with keeping expenses down, there is no way reduce those costs back to what they were even a year ago.

I am hoping the remodel doesn't cost me more than 25k.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

I’ve found list source to be low quality for MF at least in Missouri. 

A vacant month, turnover costs, paying your PM to fill the unit. 

Could be an absolutely gigantic cost and ruin the deal for you, or could be small.

there is a lot of competition - you're going to be up against both other low-budget operations and also high-budget, national operations. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!