This included modernizing the kitchen with high-end appliances, upgrading bathrooms with spa-like features, and adding hardwood floors for a luxury feel Lessons learned?

This included modernizing the kitchen with high-end appliances, upgrading bathrooms with spa-like features, and adding hardwood floors for a luxury feel Lessons learned?

Modern well-constructed condos will probably last a long time.

Lots of older houses but there seem to be several that have the potential for cash flow and while not exactly modern on the outside, have been renovated inside. 

I added value to this property by preserving its original architectural features while modernizing the interior.

Does it look like a modern-ish apartment with breezeways and internal stairs, or is it built like a roadside motel with long walk ways along the front.  

In today's competitive real estate market, having modern amenities can set your property apart, making it more attractive to a wider audience.

Because of that success, and the tourism of Santa Fe, I'm assuming a STR will likely out preform a LTR with modern amenities, design, etc in place.  

Modern is all dependent on the area.

@Wei Jie Yang Allow me to clarify - If your joint income is less than $100k (inclusive of any income generated from your 403b), and assuming active participation, you'd be able to write off up to $25k of rental losses against nonpassive income.