Smaller facilities have smaller operating budgets so any one bigger repair or required maintenance item can blow your annual budget.

I use competitor pricing as guide posts but since I've been operating for several years, I look at historical, year over year data for my own place and raise it a bit.

So the govt entities can't come in and change the laws to restrict or prohibit STRs from operating like they are in many other areas. 

And it always takes a little longer and costs a little more...The more properties you have in a small area the better you can focus and gain operational efficiencies.

This tenant operates a resale business and is currently renting a single unit on the ground floor.

It’s experienced significant growth, particularly with tech giants like Intel, Meta, Amazon, and Google establishing operations, which has driven up property values and created new job opportunities.

Would I need to re-write the operating agreement if it was not previously used for real estate?

I.e. if you are great with numbers and an excel wizard, you could likely seek out a "deal" guy, who loves networking and hunting for properties, but doesn't really understand how to translate operations into financial models.

There are ~90 locations across the U.S. supporting the day-to-day operations of our construction crews.

Those sites are a good starting point, but I wouldn't underwrite anything solely based off those estimates.I would suggest Enemy method - Same bed/baths, Amenities offered are step one, but speak to other operators that have similar properties/amenities and compare numbers with them (That is true data not estimates)How well are you marketing and providing guest experience?