Anyone have tips for doing a proper assessment of such a property to avoid getting burned?

Midwest towns where the economy has died with the manufacturing that used to be there, that market doesn't look great.

IE has an amazon distribution center set up shop nearby, manufacturing or warehousing recently come to town?   

low end rentals that have under 950 rents will run 50 to 60% of rent all in to maintain them properly and then take out mortgage.you can run the numbers.. this is for those you do not manage.. 30 to 40% over head if you manage.. based on my owning 350 of these that I sold 4 years ago..

Did you review a proper T-12 and what does the occupancy show on that?

@Sefa DemirtasIf you want the liability protection, you have to set it up properly and do everything by the books. 

Could the bank call the loan on the Due on Sale clause if not done properly?

I'm surprised by the overall lack of awareness that many Realtors in my market seem to have in the power of an escalation clause used properly.

You cannot STR on 99% of the condos / complexes in PS proper, close to the main drag.

You certainly need to speak with a lender and go through these scenarios so they can advise you properly.