@Dominic Petoraljust to be candid, your goals are not achievable in that price range. 

Tenants are a crapshoot in the end either way.

Realistic returns on a project are in the 15-25% range. so if you ran it based on that the numbers are very close.

Seems that you are most focused on property taxes at the moment, but all of them really need to be evaluated for a complete picture. 

The only thing about it is that the property hasn’t been very well taken care of, so we know there’s a lot of work to do to fix it.

This is not the case for the majority of metro areas across the US.In less hyperbolic markets there wasn’t an intense amount of speculation so operators didn’t pay high and are weathering the storm on interest rate resets and are finding a way to refinance Deals with maturity walls.I am finding that a lot of killer deals with my clients are happening in the sub 50 unit deal space for those who need to sell, because there’s much less competition in a chase for yield.  

@Eamonn Kelly same way as any other refi.

What are your thoughts on the ease of setup and operability for OwnerRez?  

Interest Expense- when you do monthly "P/I" payments there is a portion for interest expense and principal paydown. 

The planning staff should be able to walk you through any options for zoning changes or variances if there's a way to make short-term rentals work in your case.