I idenify some competition and then do enemy method on them.Figure if i and off 10 to 15% and numbers still work then all is good.Rememeber str is occuoancy and rates are not a given.

If you're open to PM'ing the address I'd be glad to run a full-on analysis for you on how it would look to perform as an STR and as an LTR based on its competition.

Also I could be wrong but the competition seems fierce. 

Start with somewhere where you do have a competitive advantage.

Campus Edge is not great because it's full of college students, they only allow college students so it can be a bit of a party scene, but there are nice properties over in that area if you know where to look

With a local average of about $600 less than the national average for a 3-bedroom and a decrease of about 39% in $/month rent of studio apartments, Huntsville is by far one of the most competitive markets in America.

Subs are getting concerned with the upcoming drop in construction projects, and this is already leading to more competitive pricing.This drop will be slower with smaller outfits.Missoula is unique because there are fewer large multifamily projects.

A 70 unit facility most likely won't be able to support a on-site manager.We run our facilities remotely and utilize a local caretaker for on the ground tasks.When it comes to running numbers, my back of the napkin math looks like this:Projected gross income (I'm usually looking at a $/SF number between the 10x10 and 10x15 sized units of nearby competition)x 90% occupancy- 35% expenses= stabilized NOIObviously, this is a gross simplification, but is typically where I start.If you do get into storage, you'll find that it is a great business to be in. 

It's actually a great time to be a buyer with less competition compared to your post 7 months ago. 

If nothing else I see it as a “cheap to get additional amenity” to rise above competition.