The new design takes the home from a 3 bed, 2 bath to a 4 bed, 3 bath, 2,400 sq ft rambler on a large lot in highly desired area.

Is it desirable? 

If property is done right even in todays market you can hit 1% rule and attract very desirable college students.

There is a mortgage so that also adds to the amount desired, though my inexperienced self still feels it would sell for a pretty penny once fixed up.

It has to be in the most desirable/expensive areas of the country.

@Kyle Carter just because a building has all section 8 tenants doesn’t necessarily mean that the cap rate will be higher on exit but it might attract a buyer(s) that are focused cashflow and not appreciation; therefore a lower price to juice the yield.One of my non negotiables if I were you would be to only buy in an area that is desirable.  

In my take, I'd buy Pine (which is 5/2 2700sq ft) than Byrd (3/2 1832sq ft)- But the price differences may be due to desirability of neighbourhoods (someone takes about crime in Niagara NY)Also, 353 Buffalo Ave, Niagara Falls NY 14303 (5/4,5 3255sq ft) is selling as an AirBnB for $749,900 on Rabbu> Ann rev @ $63,755 and gross yield at 8.5%.

We use Yardi for our accounting, which leaves much to be desired at times, but we have spent a lot of time working on our financials to get them to look the way we want.

Open-concept kitchen designs are also highly desirable.2.

While the property's location was desirable, it was evident that the house had been neglected for several years.