Or is it pretty risky and requiring of a perfect market? 

This is the perfect response!

Purchase price: $280,000 Cash invested: $120,000 Sale price: $625,000 Contributors: Garrett Quinn, Katie Kepler This classic craftsman farmhouse is perfect for those that want out of the city yet remain close enough to all the city has to offer!

there is no "perfect" strategy in real estate, everything is a tradeoff, and every strategy has its own pros and cons.

@David Gauger one challenge with a rent estimator like air dna is that their data is often based on bookings/vacancies that occurred months ago, and the market today is COMPLETELY different than it was several months ago.Specifically, there has been recent data showing that the STR market is completely over-saturated with supply, and most indicators show that we're in recession--which means that demand will likely decrease substantially (or is already decreasing)...it sounds like a perfect storm of excess supply and diminishing demand.

Brrrr is perfect !!!

I have been searching hard for the perfect home in Southern IL that I can house hack and rent rooms to travel nurses. 

.#27+++ Use commercial retail as an indicator of tenant class.Dollar stores have a specific business model to build in under-served communities.They typically pop up in neighborhoods that have lower median HHI and less access to typical grocery stores or retail stores like Walmarts and Targets.Having a dollar store or two around a property is perfectly normal but if you’re looking at an asset surrounded by dollar stores on all sides, make sure you’re matching your business plan with the tenant demographic.Are you planning to buy this asset and provide affordable, clean, modern housing for this tenant base?

Your properties will never be perfect, there will always be hiccups and there will be times where you will even lose money, it's all part of the game.

“San Diego will not be immune to forces slowing the housing market nationwide; however, strong job growth, constrained supply, and desirability will help San Diego weather the storm better than most markets across the country.