Is this trend going to be around for much longer or are we on the cusp of a correction of sorts?....

John - There are some great reports out there that focus on the positively trending markets and are free.

Over-improving seems to be the trend lately as end buyers are driving prices up like crazy, paying all sorts of nutty premiums.

I think we will always have an evolving mix trending towards B properties average (with a few A and C here and there at the end of the day).

I currently have a full time job, but short term rentals and short term rental management has always captivated me.Being in Missoula MT’s backyard the market is busy and priced high.

That got me thinking about my real passion in RE which is urban townhomes to contribute my hometown's (Houston) trend of increasing walkability and density. 

Realistic and optimistic numbers :) and you will start seeing the trend based on competition. 

@John Philip Eugenio,First I'd make sure that the market you are looking at has positive demographic trends, population, jobs/employment, etc.    

:| Tulsa seems like a good place to capitalize on both trends.

While looking for a market there are some things to think about getting into that market not just price, the application of the market, the stability of the market for jobs/job growth, the long term of the market conditions in that market, and the historical trends in that market that you pick/look at.The areas that fit the things above that you feel good about are then narrowed down to price, price is a leading indicator on if you can do the deal or not, we have areas that are luxury, secondary markets and vacation markets that people invest in STRs (this area is the cheapest prices considered).