I try to evaluate a unique property 2-3 different ways, then make a highly educated guess based on my knowledge of the market.

My thoughts as well.

Well, STR can work well for people who own a vacation house for personal use, and just want to generate some extra income when not in use.  

They have a good selection of quality rugs for reasonable prices.

The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.

Quote from @Karen Smith: Quote from @Jay Hinrichs: well have been a PML HML since the late 80s. benefits are:1.

Did you find any prior knowledge (tenant screening) of pets moving in?

So, I am here today, hoping to gain some knowledge on how to maximize our potential.

Knowledge is power:Thorough Inspections: Minimize surprises with detailed inspections and due diligence.Strong Screening: Careful tenant selection reduces vacancy and headaches.Diversification: Spread your investments across different locations and property types to mitigate risk.Financial Planning: Maintain a buffer and choose financing options that fit your long-term goals.

That said, Detroit is very much a block-by-block city, so local knowledge is critical to avoid issues.If you’re serious about learning more, feel free to send me a DM.