Obviously, the condition of these varies with price, but if you're willing to put the money into them to update them, this could be a great strategy.

The reason we do that is because people are on love with their spreadsheet, but need a reality check to see, feel and smell what a lower prices property looks like - in particular the condition. 

Thats how they know your properties condition has “improved”.

Hello @Jordan Wisser,I agree with you regarding competition heating up if/when rates drop.

Property Age and Condition: Older properties may require a more significant reserve due to higher maintenance needs, while newer ones may allow you to taper off sooner.Understand your portfolio: I look at my portfolio as a whole and calculate a number I am comfortable with.

It's essential to verify if your property falls within such a mixed-use district.Special Authorizations: In M1-2D districts, residential uses may be permitted by authorization from the City Planning Commission, subject to specific conditions and bulk regulations.

Look at your competitions.

It also has become a popular travel destination over the last 5 years or so, so there has been an increase in competition in the STR space as well. 

Are you finding MTR to be increasingly competitive? 

To ensure accuracy, verify comps manually by reviewing recent sales in the area, property condition, and similar features.