TechvestorMashvisorPriceLabs, Wheelhouse, AllTheRooms Analytics, Beyond, Rabbu, and others all offer varying levels of pricing optimization and market benchmarking.

Hey Bob, furnishing a 3/2 STR can vary quite a bit depending on quality and sourcing strategy.

Hey Andrew, Depending on your situation, the best approach can vary quite a bit.

To answer your question more accurately, I need a bit more detail, as what constitutes a good deal varies from one investor to another.

Local laws can vary greatly.

Insurance, taxes, and storm-related costs in Florida can really shift the math, while some out-of-state markets offer more predictable cash flow but less appreciation.A couple things that helped me when I was evaluating markets:• Look at rent-to-price ratios first — it quickly shows which markets even deserve deeper research• Compare insurance + tax differences, especially since they vary a lot state to state• Pay attention to population stability and job trends, not just property prices• Run your numbers twice — once with local numbers and once with an out-of-state market you’re considering• Think about whether you want hands-on or hands-off management for your first dealWhatever you choose, taking the time now to compare both options will make your first buy a lot smoother.Curious — are you leaning more toward staying local, or are you open to trying a totally different market?

In that case, start by learning the NJ submarkets — property taxes vary wildly from town to town, and that can make or break your cash flow.Either way, the first steps are:Get pre-approved so you know your budget.Pick a strategy — house hack, long-term rental, or BRRRR (buy, rehab, rent, refinance, repeat).Start running numbers on actual listings so you know what a good deal looks like.Since you’re local, I’d suggest touring a few multi-families in NJ just to get a feel for what’s out there.

However, the local interpretation and enforcement vary widely.

The only state distinction I am aware of has to do with tenant protections; tenants that are over 30 days have significantly more tenant protections than those less than 30 days.The clarification of STR and what it means varies by jurisdiction but many jurisdictions (large percentage of counties in my area) have nothing in their code about STRs or classifying them as commercial. 

Appraisals can vary quite a bit.