Huge hole leaking water into the roof, and more.

If you remodeled, added a room, replaced a roof, painted, boosted the curb appeal, etc. that's a different story.

Honestly if you are doing STR I would suggest doing Austin itself rather than all the way out there in Kyle - maybe a couple of years ago when the prices were through the roof in Austin city itself this would be a good alternative but there is a blip right now where you can get a god entry point in Austin (downtown/east ideally) for STR

We have had a pipe burst during the cold winter months, the roof needed to be replaced (thankfully covered by our insurance), and some issues with electrical, which hasn't been majorly updated since it was built in 1973. 

I have two options 6.625% 30 year or 6.15% 15 yearI want to invest aggressively in the near future on more propertiesThe loan is only $110k and the monthly payment for 15 year is $563 and $750I will earn 2-3k a month in gross rental revenueThe property is in a declining population areaRecently rennovated, and all major things were relatively recently improved such as plumbing, the roof, a/c, electric, etc.Will require a lot of management as it is rent by the room so I may switch to a normal rental after 10 yearsI'm trying to find what will mathematically net me the most money in the long run.

Right now the only utility at the garage is power so basically I am starting with a frame and a roof. 

There are never full photos of the mechanicals and basement and roof line so you will never have even a bare inkling of what the potential repairs will be.

I just bought it in the fall and am trying to complete a bunch of modifications during off-season (e.g. metal roof, certain safety features, treating the deck, possibly updating the fire pit area, etc). 

The house was vacant for 5 years with a new roof (5 years ago). 

Albany, Syracuse, Utica, OH, PA, etc.) for cashflow.The challenge in these markets is that demand is through the roof, and many properties either sell at the asking price or above the asking price (Suffolk's sale price average was 1.5% ABOVE the asking price).If I were in your shoes, I'd explore local and remote multi-family options before considering the mid-term rental route.All the best!