I showed up at his door, determined to get this deal across the finish line.

So ultimately we determined that the brrr model was not as successful for us as it turned into another full time job (probably more hours than our regular job). 

You mentioned tenant screening through the software, but does the software also run detailed rent reports to determine you're marketing at the correct rate?

I'd suggest asking your lender to mock up what it would cost to get your rate to 5% and then do a cost-benefit analysis to determine if that's the best use of your funds. 

Typically when one of my units turns over I evaluate the entire unit to determine what needs to be done to get the most current market rent for it.

Determine what is going on and decide from there

But its up to each individual to determine the value..

I'd recommend finding some properties with lighter rehabs to start so that you can build up experience quickly as experience is the largest factor when determining your loan options as a lender.

I would do a deep dive into the market and determine whether you think it will continue to appreciate. 

You'll need to consider local Hotel Occ Tax to determine what you'll pay each month, and if the city/HOA is becoming more favorable or hostile towards STRs.