The was fairly clean but there was a sense of uneasiness that came when I was in heart of Houston. 

I cleaned up my diet.

Things in the real world aren't as clean or simple as what you see in education based content.

Clean the places up and place new renters at market rates.

Here are the projections for 2024 to give an idea of expected returns:2024 IncomeLong-term Income$8,400Gross STR Income$45,500 (based on AirDNA projections)Additional STR Income$5,915 (mostly cleaning fees)Total Projected Income$59,8152024 ExpensesSTR Expenses$16,453 (32% ratio)Mortgage$34,476Insurance$707CapEx$3,600Taxes$2,729Total Expenses$57,965Projected Cash Flow$1,850CoC Return2.79%2024 Additional ReturnsPrincipal Paydown$2,930Equity Appreciation$16,200Mortgage Interest Deduction$7,571Total$26,701Total Projected Returns$28,551Projected Return on Investment43.1%Projected Return on Equity21.4%The CoC numbers are not impressive, and the property only cash flows as an STR, which carries some risk.

Those numbers don't work unless you will clean up on appreciation which for new build, especially in a development, takes much longer.

So, I prefer to keep things clean and simple with new leases. 3.

.- We removed delinquent tenants and changed the community standards around to provide a safe and clean place of living.- We've upgraded 75% of the units with fresh flooring, paint, cabinets, countertops, and appliances as needed.When we took over the property the 16 units were producing around $9000/month in gross rent.I just checked our rent roll today, and we just crossed $17,000 in gross income monthly!

Find a house that needs SOME work, not a ton of work and clean it up, fix it up, maybe add an ADU.

Vacancy is an understated expense, besides the lost rent there is painting, cleaning, and other repairs.