I've never been to Hawaii but if I were you I would drive every street looking for a distressed, unloved property.

@Chirag Shah Yes, you factored in the calculation.

I'm recently located to the Indianapolis area, so if you don't want to bug your realtor, I'm happy to drive by and provide photos if you ever need it. 

What I do have is a lot of drive, a great critical thinking and creative mind, and building experience.A little background, I am 25 year old with an engineering degree. 

Another issue I had was that we really were not factoring in property management which seemed a little sketch.

That seems unlikely, given the drumbeat of political pressure against STRs in Boston.The purported rationale is that STRs remove units from the inventory available for long term leases, driving up rental prices and reducing availability for renters. 

It'd make a great rental (rent would be $1,350 according to the property manager we met with), but we moved from Duluth to Minneapolis-Saint Paul and aren't comfortable having our first rental out of driving range.

An article that I found worthwhile which may be of interest to some and I haven't seen picked up broadly yet comes from UCLA Anderson and is entitled "Single-Family Rental Returns: What Drives Investor Return?"

I know there are many factors to this question so please leave your input on what you feel keeps you happy at your brokerage (commission split, atmosphere, etc). 

Meanwhile Californians continue to create more pollution from driving than anything else...Wake me up when they start getting rid of mandatory parking minimums.