Demand is a pattern, not a screenshot
Use several sources: comparable listings over time, event and project calendars, employment and health precincts, relocation activity, transport, seasonality and direct conversations with likely demand partners. One high nightly rate does not prove achievable annual performance. Record the date, search settings, stay length, guest count and inclusions for every comparable. Compare like with like and account for cleaning fees, discounts and availability distortion.
Location fit
A strong location serves a defined guest journey. Consider travel time to the demand anchor, parking, public transport, food, safety, noise, accessibility and the property's practical ability to solve the guest problem. Micro-location can matter more than suburb reputation. Two properties a kilometre apart may face different planning, access, noise and guest-convenience conditions.
Build three scenarios
Create base, conservative and downside demand assumptions. Test different average rates, occupancy, stay lengths, cleaning gaps and seasonal periods. A location is not approved because the base case looks attractive. Document what evidence would change the hypothesis. Research should lead to a decision rule, not endless browsing.