Are any acting erratically / spiking?

Your logic is solid to prefer sleep-at-night cash flow, but tighten the underwriting before you move: verify true market rent, vacancy, PM fee, insurance, utilities, and HOA reserves; HOAs can spike assessments and cap rentals, so read minutes and rules.

You're going to run into this in most of the major STR markets because within the last 2 years we have seen a massive spike in available inventory.In order to compete with the competition now, hosts/owners/operators need to step up their game and be willing to invest in good quality furniture, memory foam mattresses, high quality linens, professional seasonal photography, etc.In the high desert, most visitors are looking for peace, quiet, privacy, and amazing scenery so this means stay away from purchasing homes in residential neighborhoods with neighbors on all sides.

That’s what keeps your portfolio stable when maintenance costs spike or rents dip.

COVID created a chaotic spike in both the sale & rental markets, attracting even more new real estate investors.

COVID created a chaotic spike in both the sale & rental markets, attracting even more new real estate investors.

The default rate has spiked up which means they were handing out the money a little too easily. 

I can't imagine the price spike we'll see as another buying frenzy takes hold. 

Rental application fraud is spiking, so moving faster isn't the perfect answer - the faster you move, the more likely mistakes => nonperforming tenants!

I’ve been in a similar boat with rentals, insurance spikes, slow appreciation, tight cash-flow.