I agree with most people in this forum that mid-term rentals are on the rise and gaining popularity. 

With interest rates rising, has Norda seen more defaults recently? 

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

And as this fleshes out and rents continue to rise, I feel like it's only a matter of time till renters are more open to this type of living.

In short: rents and cash flow have not caught up with the rising interest rates since 2022.

@Ben Cochran I hope you have factored STR tax savings into your cashflow and ROI as it can be significant.Leveraging equity to purchase a short-term rental (STR) in Tampa Bay can diversify your portfolio and potentially generate strong cash flow, but it also increases your financial risk.While your properties hold significant equity, adding debt from HELOCs or a DSCR loan could strain your finances if STR performance fluctuates or costs rise.

ANR is already on the rise and back to " normal" pre Covid and show no resson not to feel they will exceed that given time. 

Interest on a HELOC is adjustable, if interest rates rise you are screwed.For you folks that weren't in real estate in 2003-2006 and when the market started collapsing in 2007.

There is about a 20 foot rise to the top of the green area. 

Such cities tend to have lower prices that rise slowly due to limited demand.