It's a great idea in the low debt, moderate supply world.

If you do it all yourself at minimum your looking at probably 5-7k on the kitchen, 2-3k on the bath, 1.5k in the floors unless you are using the peel and stick tiles, close to 500 in pain and supplies.

@Kesha Diaz you shouldn't have to enter anything on your own.Your PMC should supply with a 1099 for 100% of gross income and an annual P&L supporting that income amount with whatever expenses they paid on your behalf. 

The performing lease coupled with supplying your own comps that support it sometimes works.  

One thing you'll want to think about as well is the supply.

STR's are a limited asset class and on the Oregon Coast the STR search is compounded by exponential demand and exceptionally finite supply.  

I am in the same boat and completely agree with you in that the rental market does seem to be changing quite a bit in recent times- much more difficult to get good qualified tenants these days and decent tenants seem to have their pick of the litter - often very flaky and uncommitted because there is so much supply out there.Rent price is definitely a key issue but what's the more likely outcome of a significant drop in rent price below market?

Real Estate Update Here's the latest market report (based on single family homes): Mortgage Rates:30-year conventional rate today is 7.15%30-year VA rate today is 6.65% Median Sales Price:March: $475,000April: $476,000May: $475,995 New Listings:March: 1,845April: 1,957May: 2,099 Median Days on Market Until Sale:March: 16April: 12May: 13 Months Supply of Inventory:March: 1.9April: 2.2May: 2.2 What does "Months Supply of Inventory" mean?

New supply hit all-time highs or very close to it for many cities in the state.

With that being said, if you're looking to maximize a cash flow focused strategy, you're going to need to start with at least a duplex, which we have a great supply of in both Cape Coral and several other surrounding markets.