It will be about 3% of tax value which is the sale price in a recent sale.

How would the situation differ with a home that’s never been a STR but would become one, or a home that’s for sale now that is a current STR.

Currently we are seeing STR owners posting for sale due to reduction in prices they can get per night and the vacancy rate increasing. 

That he can weather for 10-15 years, but not 3 at 25% down with $25k in reserves($300k in sale price would afford). 

It looks like it is for sale now at $112,000, and I wish you the best of luck getting it sold.

If you research recent sales you can always provide the appraiser a list of those sales.One of the best ways to insure a higher value is to update the property using materials and fixtures that are popular and common in the area.

Figure out what your property taxes will be at the new sales price.

I haven't filed a claim all these years but insurance is for the what-if and to be used for the high-ticker items, but chances of damages exceeding the 5% is low.  

Purchase price: $214,000 Cash invested: $180,000 Sale price: $550,000 Old VFW building What made you interested in investing in this type of deal?

Purchase price: $187,000 Cash invested: $15,000 Sale price: $259,000 I got tired of moving place to place and worrying about finding roommate, security deposits and not having enough money to deal with maintaining someone elses home.