There has to be a balance.Over the last 6years we have seen property values go up 5-8% per year and now we are double digit.

I prefer cash on cash return in double digits around 15%.

In fact, in the digital age it is only getting worse.

If they're going to rip up the floor, dig it out, solidify a foundation anyways, turn it into an ROI project vs just getting up to parr.

Also, I use a software called Hostfully that helps automate processes and put together digital guidebooks.

Rehab is likely 6 figures (open the layout, rehab pool, rehab kitchen, rehab bathrooms (3) converting one bathroom from 0.5 to 0.75), new and relocated HVAC, Digital locks, patio with deck accessible from Master BR, convert office to BR, convert large BR into 2 BR).  

I'm going to digital entry (four students, they lose keys a LOT) and smart home features (like turning off the HVAC when doors and windows are open because students are apparently idiots and do, in fact, air condition the whole darn neighborhood), plus a few exterior cameras. 

. - i.e. digital door locks, wifi controlled thermostats, ring camera on the exterior entrance.  

Both are important.If you see a negative net migration over the last 10 years, it's probably a pass.If you see a positive net 10-year migration, but a decelerating rate of year-over-year in recent years, that's a sign that it's a maturing community, and till probably not have the same explosive growth it had previously had.Now, ALL that said, if you're talking about net-migration numbers in the single-digit thousands, you're probably looking at too small of a slice of the MSA.

As you become more comfortable and can generate trackable ROI with marketing directly to sellers, you can increase your spend or explore other lead gen strategies like digital marketing + SEO