And that can be very different in different areas of the country and even within the same neighborhoods but in a different market segment. 

So long term I'm still bullish on NY/SF and other iconic cities.4) More importantly, ss RE investors we have to think about how it will impact our particular tenant segment.  

This is an important distinction in places like Breckenridge/Summit County, where the city of Breck has essentially banned new vacation rentals, but Summit County allows them.Good luck!

The upside in these projects is increased value in the eyes of retail buyers OR investors as it relates to cash flowAppreciation can take many forms (long run, forced via improvements, forced via improved management, etc.) and is a valid and viable business model that should be maintained as a separate and distinct business from owning and operating rentals.

For example, what if you decided to paint the interior dark green, which is largely unacceptable to the tenant segment normally attracted to your property?

It lists 20 questions you need to ask a property management company broken down into there segments from learning about them and their experience, learning about their systems and how they operate and finally a few to help you make that final decision on if they are a good fit.https://www.biggerpockets.com/...Best of luck!

A reliable tenant is someone who stays for many years, always pays the rent on time, and takes good care of the property..For many years, we have focused on a tenant segment with a high concentration of reliable tenants, and our results have been excellent.

A strong will, a settled purpose, an invincible determination, can accomplish almost anything; and here lies the distinction between those who become great and those who remain little." ~ Thomas Fuller

Once you identify this segment, determine what and where they rent today and buy similar properties.

I ran a couple quick reports on 2 good list segments for Cuyahoga County.ABSENTEE OWNERS with HIGH EQUITY3,036 availableProperty in the county, home value up to $250,000, single and multifamily, high equity, 5+ year ownership, one per ownerSENIORS with LOW FINANCIAL STABILITY SCORE (FSS)1,428 availableAge 50-89, 15+ year ownership (ready to downsize or transition to assistance), owner occupied, single family home home value up to $250,000 with Low FSS.