Thanks for reading this and giving your input.I bought 3Br/ 3.5 Ba fully updated/ renewed/ EVERYTHING replaced 2000+ sq' TH (really 3 story condo). It's quite nice, has 1 car (detached) garage, etc, etc,  etc. HOWEVER...

With these assumptions I am seeing a ~30% IRR / 3.1x return of capital (MOIC), which is very high and why I am interested.The biggest risks I am contemplating are 1) tourism is negatively impacted by US uncertainty on a macro level 2) this specific city has a big year coming up with events, but could underperform inflation / travel tourism in general over the 5/8yr span 3) the operator doesn't effectively manage the space.Does anyone have any experience with this kind of investment?

-Rental income, while not always immune to macro trends, tends to be more stable in good markets, especially when there's housing demand-supply imbalance.Plus, in inflationary environments, real assets often perform well.So what’s the move?

The most probable major macro-economic event in process and coming, per all sensible data and analysis is INFLATION, more inflation. 

I look at the macro level and assess the entire scope of the neighborhood.

@Tony Schmucker Now that you know all of those markets work from a Macro perspective you should look to see where you want to live for 2-3 years and what your and your wife's income will be in those markets.

@Byoung Baejust for a countervailing perspective - the macro environment is just about the worst it could possibly be right now for you to pick a random market in a random state and shell out $50K or more to get a random property and then turn it over to random people you haven't met.  

Focus on fully furnished, plug-and-play properties in MTR-legal zones.Creative Finance: Rising DOM and tired inventory are opening the door for subject-to and seller-financing opportunities.Lease Option / Rent-to-Own: Viable in areas with large buyer pools who are currently priced out of traditional financing.Key Trends to MonitorInterest Rates: Any shift by the Fed will ripple through buyer affordability and lender sentiment.Summer Buyer Fatigue: Historically, activity softens in the desert from late June through September.Inflation and Consumer Confidence: These macro forces remain critical to short-term momentum.Conclusion: Strategic Discipline Is the Advantage in 2025Investors operating in the Coachella Valley today need to be sharper than ever.

I have listened to over 500 hours of BP content, read countless recommended books, and watch macro economics on a daily basis. 

He is noisy and obnoxious and leaves trash in the common areas.