For the ground floor (non-permitted) we need to do some bathroom improvements which are not presently to code.

I am eager to get started on locking in my first investment property and have questions on what my best approach would be.I own my home and have been making slow improvements to it over the last year I have had it.

These are areas where I find I can generate best return on my building Improvements & that’s where I’d recommend you focus any spending. 

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.

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).

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

Upgrades to the house, improved kitchens, bathrooms and the like will yield a return when you sell of course.Getting into STRs on the cheap has gone the way of the dinosaurs.

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.

That could drastically improve the ARV.