I just started experimenting with Downtown Detroit with ATTOM's "sales snapshots" and I haven't gotten that kind of performance yet.

This time frame is crucial because it allows for you to perform your due diligence on the property before fully committing to the contract.

I have continually preached (since 2018) that cap rate compression (and interest rates) is what landed the historic 20+IRR returns, not operations, which is why so many people have been, and are still, in hot water right now with being forced to perform via strong operations.Today, we find ourselves in a much different situation.

There are STRs there and Greenwood but not a ton of them.I do want to say that you never want to count on appreciation to make up for a poor performing STR.

The cost to perform the value add will vary less between markets than the value added will vary. 

--> Crowd Pleasing Standout Outdoor Amenities🏀 Sports Court - Pickleball & Basketball⛳️ Putting Green🔥 Fire Pits🔹 Hot Tub👨‍👩‍👧‍👦 Multiple Seating Areas🏓 Corn Hole & Ping Pong💧 Heated Pool🍔 Built-in Grill🖼️ Outdoor Mural--> Crowd Pleasing Indoor Amenities & Design🔹 Blockbuster Movie Themed Bedrooms & Design Carried Throughout the House🔹 Converted Garage Space Into a Pool Table Game Room🔹 Poker Room🔹 Themed MuralKey Takeaways to Drive Revenue for Your STR🔸Know Your Guest or Avatar and Design for That: Don't be afraid to go all-in on a theme that resonates with your target audience.

Particularly luxury STR's with an oceanview or access to the beach perform consistently and some areas are often amongst the the highest ROI nationwide for coastal property. 

What if you need to exit early due to lack of performance, personal issues, etc.?

Under Servicemembers Civil Relief Act (SCRA), the following are considered “uniformed members:” Armed servicesActivated National GuardCommissioned Corps of the Public Health ServiceCommissioned Corps of the National Oceanic and Atmospheric AdministrationTo terminate the lease agreement, the tenant must meet the following conditions:Tenant joins the military after signing the lease agreement or signed the lease agreement while in the military then ordered to permanently change location or deploy for more than 90 days;Tenant provides landlord written notice; andTenant provides landlord copy of the military ordering him/her for a permanent change of station or deployment for a period of 90 days or more.Landlord fails to perform its dutiesFailure to do repairsTexas law mandates residential landlords to make a diligent effort in repairing property problems that materially affect the physical health or safety of an ordinary tenant.

I used licensed plumbers, electrician, and framing contractors (most of what required permits had licensed contractors).In the case of the OP, if seller in disclosure disclosed that owner builder was used and not all work was performed by licensed contractors, he would be compliant with the rules in my markets.Best wishes