Like any city, there is dilapidated housing stock in rough areas that can cost more to upgrade than they are worth. 

One word of caution: the court orders typically allow repairs to make a home habitable, i.e. rent-ready, but not cosmetic or similar non-essential repairs, like upgrades or additions.

It did need some upgrades, but I'm definitely out of pocket a lot on this one to turn it back into an STR. 

We still end up doing a few things like upgrading appliances or installing recessed LED lighting and dimmer switches and other life-style upgrades to attract top-notch tenants. 

It brought in 120k last year, but I think we can bring in much more as we do upgrades including adding an extra story on top and as we run it as a bed and breakfast.  

The property seems to be in good shape and will requirecosmetic rehab.  5/3 house 2600 SQFTWe will need a new AC, Kitchen upgrade, bathroom upgrade, flooring, painting, andcarpet upstairs.  

Also, check if there are incentives or rebates for upgrading to more energy-efficient systems in your area. 

Quote from @Chris Seveney: Quote from @Devin James: In 2021, we saw buyers upgrading to larger homes, taking advantage of 3% interest rates to afford an extra 300+ square feet.Today, smaller homes are selling much faster as higher rates make additional square footage less affordable.While rates are historically average, I don’t see them dropping significantly.

Before committing to paying off the property, analyze whether there are ways to optimize revenue, such as better marketing, adjusting pricing, or upgrading the property to attract higher-end guests.Return on Capital: If you pay off the mortgage, the “return” is essentially the 7% interest you’re saving.

Tenantcloud is definitely more comprehensive and has more up-gradable features via reports and such, but the customer service experience is lacking.