I'd love to utilize their expertise when assessing a property since they are local but I'm not sure what the general expectation is when I don't have a tangible property and I have not entered into contract to work with them yet.Some questions I have are: local regulations/permitting timeline, property's potential from their perspective, landscaping/amenities cost estimate (they also help facilitate this).

Hello  @Thomas Sheehan,If your goal is to invest in an apartment where you don't have to concern yourself with maintenance and cap Ex, this deal (or perhaps another with similar rents and lower price) could make sense.The downside to deals like this is that your rents could eventually hit a ceiling as newer apartments (some with more amenities) become available.

.- Located in a C- to B neighborhood—close to amenities and mostly safe but not for everyone.- Converted to a rental in 2024; initially rented for $4,750/month, but tenants moved out, and the soft Bay Area rental market has made filling it challenging.

HiAll I can say is amen.

Just watch out for HOA fees because they can be higher in boutique projects if they have a lot of amenities, not having an elevator will help here, and if one owner stops paying it can mean a lot to the other owners. 

Left some of the character while adding modern amenities, brought it up to code, and staged it.

I'd love to utilize their expertise when assessing a property since they are local but I'm not sure what the general expectation is when I don't have a tangible property and I have not entered into contract to work with them yet.Some questions I have are: local regulations/permitting timeline, property's potential from their perspective, landscaping/amenities cost estimate (they also help facilitate this).

Keep in mind a few things - many major markets currently have a glut of multifamily projects so you may be competing with large apartment complexes with amenities offering incentives in a competitive market. 

We have done this for over a year now and this strategy has gone really well.We are very experienced in the STR space and understand that getting bookings is multi-faceted (ie. listing photos, reviews, amenities, PRICING, description, seasonality, etc).

Additional Details:The property is in a desirable area with good amenities nearby.STR data from AirDNA shows decent revenue potential, but the lack of comps makes me hesitant.I’m looking for a balanced approach that minimizes risk, even if STR performance doesn’t hit expectations.If anyone has experience investing in Cincinnati or navigating markets where STR data is sparse, I’d love to hear your thoughts.