(Manhattan condo starts at 2M) I can guarantee 95% properties are running illegally. 

All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.My current financing setup for this deal would be $235,000 from the HELOC I already have secured.

I'm on Maui where if you are looking at STRs, you're going to be looking at condos.

With 30 years of experience in real estate and now owning a quadplex, duplex, and a condo STR, you’ve already built an impressive portfolio.

A condo or townhouse are appealing to us as a first investment.

One just need some interior paint and refinish the hardwood floors and it was ready to rent.

For rentals, would a single floor or two floors makes sense? 

The home is 4bed/3bath and 1990sqftFinishes= quartz countertops, fully tiled showers, 8ft doors, LVP flooring throughoutFinancing isn't included in Gross Margin. 

Paint, floors, fixtures. rents are about 1800-2k, going to list if for 2k once the rehab is done.  225k to buy. 25% down. 22k rehab. 

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.