Advantages/disadvantages of buying an updated house for STR purposes

[Tim McDowd]

Is there any general rule about investing in an already updated or new home if the location and market are strong (not a beach or mountain market)?  Or said differently, do guests prefer newer/updated homes?  

[Kerry Baird]

@Tim McDowd, many people buy a fixed up house, with lowest down payment possible, so there isn't much equity.  To get equity, we buy a distressed property, or one that needs fixing, or use a bigger down payment. 

The BRRR concept is that you buy a house where you can force equity or one where the seller needs to sell quickly and "buy" the equity with a quick sale. Buy with cash or cash equivalent, add value, rent the house out at top rents, and then refinance to get the most of the "forced equity" back out.