In the Wasatch Front where the market is really hot, finding an MLS property with a CAP rate > 5% is really tough, so, ignoring all of the above, anything above that could be considered "decent" I suppose.

Some areas studios are hot others not so much.

The Air conditioning wasn't turned on before she came in and it was too hot (tried saving electricity no one in home). 

I still should be close to $200 a month and can plan for lower cap ex and maintenance since I am replacing everything buy the hot water heater.  

Hey BP, I've been continuing my research on hot areas in south philly, and one of the neighborhoods I've come across is Forgotten Bottom.

This time it is the hot water heater that is not yet installed.

Even though you're just getting started, it seems like you're definitely on the right track.I agree with Kate, there are deals in any market - don't let the current hot market delay you for years until something changes. 

I am currently trying to buy a fixer upper where I can build instant equity or a home that has an additional unit to house hack. I have now made offers on homes that fit my criteria since January and have come up shor...

For the colder months, the hot tub would be used as normal- hot.  

And since that whole area has been developed into almost one large sprawling city, it doesn't really matter to visitors if they're staying in Palm Springs proper, or one of the other towns (since usually too hot to walk anywhere anyway, everyone just drives wherever they're going)I'm hoping to BRRRR then STR, so we'll see...if STR doesn't pan out we'll LTR