Although my cost of capital was cheap (2.5% 30yr fixed), the increased STR supply resulted in a more hands-on approach by me (better marketing, improving the quality of my check-in hose, services, etc) and this wasn't turning out to be as 'passive' as I would have liked (I've been managing my own LTRs for close to a decade, so perhaps I'm spoiled).

We added value to this property by investing $20,000 in key renovations, focusing on improving curb appeal, modernizing the interiors, and ensuring the home met market demands.

Fulton County tax records show the property is a coded as a duplex (style field of Improvement Information box).  

We expanded to new markets, bringing on Dan Toback to lead a new division in Florida.At the beginning of 2023, we ended our successful journey in Western New York, replaced it with Florida, and despite the challenging times with record-high interest rates, we were still able to complete 78 deals between our Florida and NH markets. 2024 continues to bring its own challenges, forcing us to grow and improve.

I suspect even if it is an improvement I could likely expense it under the Deminimis Safe Harbor if under 2.5K anyway?  

Am I thinking of converting this property for SRO/PadSplit model where refinancing may be harder to do because of property improvements I have made?

That could drastically improve the ARV. 

Issues like contractor delays, supply shortages, or unforeseen repairs can extend your timeline, which adds to your holding costs (mortgage, utilities, etc.).Tip: Factor in extra time for delays and have a backup plan to stay on track.Over-Renovating: Many new investors fall into the trap of over-improving a property, especially when they try to bring in their own taste.

Anything less is not an ideal tenant and could potentially be improved.  

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