No more runs to the big box to make a quick buy. 

No more than 1 mile away if possible.  2 miles maximum if there are simply no comps, but that can drive you into a very non-comparable neighborhood. 

He has no more money on hand than he would have without the subsidy.

Had two other realtor's price it at about 460-465k right now. nearest comp (5 bed 3 bath, 2700-2800sf 3 car garage ranch) came in at 510k but had about a 200sqft front porch and .19 acres instead of .17 like mine. so since i have a 3 bed 2 bath, id finish the basement which DIY would cost no more than 15k if i finished 1000sqft of it to keep some for storage but to also add 2 bed and one bath. so if value now is at 465k and it would only get it to 490k, and i spent 15k to do it, that might mean a gain of 25k in valuie. worth it?

You may have overnight guests for no more than seven (7) consecutive nights or fourteen (14) nights within a twelve (12) month period, and no more than two overnight guests at a time unless we provide specific approval.

No more long term tenants with dirty yards and houses and cars up on blocks.c) Neighbors love them (except of course for the party atmosphere which has declined rapidly as AIR and VRBO have clamped down on that crowd)d) economic impact - most cities make millions more from TOT than they would without STRs, improving the quality of life for many, particularly the lower classe) the increased tourist activity brings in big $ for local restaurants, breweries, museums and the likeWell I'll stop the rant, you can see where I stand.... :-) Best of luck in your RE career if you go that path.... 

My comfort level had been established by setting our rough estimate at no more then 18K into this flip.

I'm telling you as a local that the property is worth no more than 75,000 in it's current condition yet it is being assessed for ~$100,000 due to it generating rental income in the last 3 years.

Whatever that number is, make sure that number is no more then the difference that you have to pay once you account for rent, capex, vacancy, etc.

Then plant some agave and cactus, or similar....no more issues and no water bills ever again.FYI, I paid about $350 for a 20 ton truck....you'll need a Bobcat to spread it ($100 day).