This will give you an idea of where you can be priced at with factual data rather than guessing a 3%. 3% could be sufficient but the data will help you be confident in your decision. 

When we first arrived, we didn’t know much about the city, so we got to know it by going out and exploring different areas.

Hello @Amanda Skipper,While there's no better way to truly get a feel for a market than by being on the ground and exploring the neighborhoods firsthand, I want to assure you that investing remotely is absolutely doable—and many successful investors do just that.In fact, I know several investors who have built substantial portfolios in Memphis, and they’ve never physically visited the city, and they've done so successfully by leveraging local expertise, market data, and a solid support network.

Also, the historical data tells me that 3 years of underperformance means that future performance must improve substantially in order to meet the IRR goal for the investment.

As I complete my current project, I'm already eager to take on the next one and explore creative ways to maximize property potential.

@Eugene BrownTo expand your property portfolio, leverage equity or savings, explore multi-unit and single-family properties, and consider the BRRRR Strategy.

Your drive to learn and network will be invaluable as you explore creative strategies that maximize returns and minimize upfront costs.Feel free to reach out, ask questions, and share experiences this community is a great resource for learning and connecting with like-minded investors.

To CORRECTLY do Build-4-Rent there is never HOPE of appreciation, there is CERTAINTY, mathematical data and insight driven CERTAINTY, knowledge of the appreciation to come. 

To be safe, consider starting with standard percentages or slightly reduced figures until you have reliable data on the property’s performance.

You should really analyze your options, as data should make your decision easier:)How much have you been making on the STR?