I didn't make any renovations as the property was already in good condition.

We got it renovated and have turned it into a STR.

It was renovated in 2017 and rented in 2022 with no issues.

Some of my network is renovators and real estate agents.

Then again, curb appeal doesn't matter as much in the inner-city parts of my market - more so in the suburbs.Lastly, if a property is newly built/renovated, 'neutral' may not be the best route.

Many new flippers overestimate their renovation budgets.

You'll learn a lot just from starting out like that with little to no experience at all (cosmetic renovation cost, managing current tenants, leasing out a unit).

Turnkey properties are already renovated and tenant-ready, meaning you can focus on the investment side rather than dealing with major repairs. 

I am looking into my first property and have been pre-approved for a renovation loan from a conventional lender.

@Isaac Terry Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?