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.

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.

Give them a little motivation to get that place really clean. 

This means providing top-notch customer service, keeping the place clean and comfortable, and adding thoughtful little extras.

We need to find a way to clean up all the spam on the forums.

Haha I didn't even get into the details of how cleaning up after the coroner removes a body is so much cheaper when you're local, when someone OD's, offs themselves or get's murdered in your property.

The average daily rate includes cleaning expenses in AirDNA when I hover over the question mark next to it.