The base is $17.20, plus tips.

I searched for homes based on the mortgage I could afford.

Or is it calculated daily and the base rent increases after 10 days when the late fee hits the account?

Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

I'm a central CT based investor, flipper, and property management company owner. 

Yeah, you don't want to try to house hack in LA based on the price points out there vs. what you can get most likely.

I’m also based here and have experience with short-term rentals, property management, and work with investors like yourself.

Typically its done for open space or use for community property (ie. fire station location or other county use) and typicaly would assist in increasing tax base.  

However, this is not specific legal advice to you, just an opinion based on the circumstances described in this thread.  

Based on my experience of running properties, even if the build were to cost you as much as $600k but you could generate $125k/year, you'd be very happy with that investment.