I think this is something many investors miss - which is many offerings now all have the data publicly available.

Like try to track data, metrics, how many exist, how many are occupied, how often, pricing etc. forecast your pricing, and estimate vacancy, then determine your desired threshold for cashflow vs risk, set an all in budget and let that budget make some of these determinations. 

I then determined to reject any “buyer” who couldn’t or wouldn’t pass a “test” I set up.  

One significant benefit is gaining direct access to MLS data, enabling you to identify potential deals more quickly than the general public.

Hard to ever know for sure until you actually test the market. 

I always enjoy reading your updates and thoughts on the area.So, what is your best area right now according to your data and opinion?

According to the data, I would skip Chicago for STR and go to Peoria or Antioch.

You’ll have to think through your entire operation, test and refine your marketing strategy, put in the work to talk to sellers, qualify leads, negotiate prices, lock up deals, find cash buyers, and stay on top of the legal side to ensure your contracts are enforceable.

Quote from @Collin Hays: Quote from @Chris Watson: Just a few additional details to accompany the fuzzy math data. 

Each carrier computes their own replacement cost based on public data, third-party data, and agent/insured input data.