If you can build confidence that regardless of how the STR performs, you will pay the rent every month and take all the risk. 

All things being equal on the asset side, the operation and systems put in place will make or break the performance of the investment but at this point that has almost nothing to do with real estate. 

So if I am looking at an asset as a 10 year play - I look more at the location, schools and how has this market performed in the past excluding covid and 2008 which were extenuating circumstances.Reality is right now shorter term plays do not work based on numbers and cost of financing - we went through this same thing in 2001-2004ish timeframe where properties would appreciate 2-3% per year and after buying costs and closing costs - you were not making money on assets unless you performed the labor or found a really good deal.this is how real estate "typically" is - which is why everyone always says location location location - because after a decent holding period, you will win.

Which then in turn consistently having 5 star reviews can increase your nightly rate.

But, they have ZERO liability for the performance of that tenant.Second, 97%+ have no idea on how to screen a tenant, other than income = 3x rent and a credit score.

If you have a solid ARV AND a great GC / team that you trust to do good work, consistently, and can stick to the timeline planned, even with hard money you will still make money at 75 or 80%, albeit a little less than at 70%. 

We are in a small market so we were very surprised to consistently fill 4 and now we are looking to do 4 more. 

The return on equity is probably very low considering they are paid off so maybe explore refinancing or selling the lowest performing one(s) or your biggest headaches to reinvest in more lucrative deals.I noticed you also used a metric of number of rentals to attain your goal rather than $$$/month.

Always perform thorough market research and verify the numbers on any property you consider.

It depends heavily on past returns, which as we all know from our prospectii, "past performance is no guarantee of future returns".