The power company and grid is a mess - outages are frequent, so you will want some type of backup for guests.  

This was so frequent our landlord came around looking for a leak because the bill doubled since we moved in.

A good policy set up should lower the agent commission to increase your return, it is why some agents are not offering those as they are making more money selling other kinds.You can reach out to @Thomas Rutkowski who is a frequent contributor in this forum and who has a great website on the subject. 

Those things are usually tightly controlled and often very expensive and frequently offered in limited quantities. 

Is it close to frequently visited spots (hospitals, national parks, stadiums, convention centers etc.). 2) STR Regulation: Is it even legal to run as STR in the desired location? 

Two things, prices are a bit high right now and the market is very competitive.Attractions - Crossings Premium Outlets, Mt Airy Casino, Kalahari Water park, Great Wolf Lodge, Pocono Raceway (NASCAR)Skiing - Camelback Mountain/Camel Beach in summer, Shawnee, Big BoulderLakes - Lake Ariel, Lake Harmony, Lake Naomi, Pocono Lake, Lake Arrowhead, Big Boulder LakeCities - Long Pond, Pocono Summit, Mt.

You are getting a wholesale price... but also frequently bidding in the blind as to the condition of the property.  

Because I knew I could check up on the job frequently, I felt confident that I could get a good enough experience/product out of the contractor.

My wife and I live in the Moss bluff/Lake Charles area but take frequent weekend trips down to Houston where the majority of our family lives.

Either of these systems are likely to have multiple old repairs and modifications, which are/will become more frequently needed going forward.Assume that subfloors/joists in the vicinity of kitchen sinks, bathroom fixtures will be significantly deteriorated.Virtually guaranteed you will have asbestos containing materials that will need to be remediated, as well as quite likely lead based paint in some areas.Odds are, the existing Tenants are very long term, under market, with fair to poor conditions.