:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If it' s in a historic neighborhood you have to be careful if you start ripping stuff out. 

I did something very similar with historic returns.

The income historically improves quickly so the cash flow improves quickly.

Historically, hotel cap rates were 100 to 150 basis points higher than office cap rates.

However, the limited new retail construction and historically low availability rates should help limit any potential surge in vacancy rates in the event of a demand pullbackHere are several graphs illustrating the current national commercial retail market in The United States of America:Full Commercial Retail Market Report Here: https://d2saw6je89goi1.cloudfront.net/uploads/digital_asset/file/1189858/United_States-Retail-Capital_National-2024-03-10_a.pdf

Ok I thought Bill meant 20k/year not per month which is more than enough to retire but to put things into perspective, accoridng to the historical S&P 500 calculator, I could have acheived the same results as Bill with just $1M invested 16 years ago.

@Kevin Si We're experiencing the same thing and we live in a cash-flow market (historically speaking).

Solutions: expand National Historic Rehabilitation Tax Credits, preservation tax credits, save the historic and as Baltimore likes to call it charming housing.

They aren't going to let a perfectly good vrbo income stream sit idle for long.Alternatively, you could try to find the house on various websites such as AirDNA, which should give you a rough approximation of what the property has historically earned.