Rob just updated everything...here is the site he tells everyone to visit for STR cost seg.STR Cost Seg

Thanks for the update!

Depending on how much you need to raise the rents to market, the other updates in the building that are needed, how quickly you can rent to market rents will all drive your decision.

It was mentioned above you could refinance into a conventional loan, however with the 5% down conventional primary residence loan on multifamily now chances are you won't refinance this FHA loan unless you plan on living there for an extended period of time and rates come down. 

Flippers always get frustrated waiting for the home occupant period to end on them.

I think they have updated limits on owner financing sales as well.

Aside from that the biggest value add areas I see are as follows: Kitchens, Bathrooms, decks/patios (if added), additional rooms/bathsKitchens and bathrooms tend to be the go-to, but all of those can help you get the most bang for your buck. just keep in mind that if the area is already of high quality, then it may not be the best area to spend the money vs something that is blaringly in need of an update.

Here is a revised version of this post, updated December 2024:https://www.biggerpockets.com/forums/51/topics/1223547-expla...

I think @Chris Magistrado 2 year update post about the market, rentals, etc is a good insight to what the market really is like for most the region.

Were the tenants brand new during the due diligence period?