Equity from appreciation and loan principal payment will be captured in ROE; hence conversion to increase unit count and bump up cash flow.

It is so difficult to police and enforce guests, I would focus on the increased water bill. 

Engage a Local Real Estate Agent: A knowledgeable real estate agent familiar with vacation rentals can help you navigate the process and provide insights on properties that are good investments.7.

This would increase the property’s value to about $608,000, and you could look at an 80% loan-to-value refinance, which should give you enough to cover most, if not all, of the remaining balance.This structure allows you to minimize upfront costs and take advantage of property appreciation over time.

Engaging with local real estate investment groups or forums can give you a sense of the local market dynamics and provide first-hand experiences from others who are active in the area.Economic Indicators. 

That all adds up to home prices increasing well into 2025 and 2026.If you refinance now you are going to get a better rate verus a HELOC for example. 

Lately, I have rehabbed 2 properties to increase the LTRs by a lot.

Daniel,Seems you do have a lot, it seems there are a lot of "predictions" to values / costs increasing in there, one thing i saw is that you have loan Interest payments/ cost increasing every year too, if you have a fixed loan those costs will not increase, they will decrease and your Principal payments will increase.

If you are looking to increase your occupancy and ADR, it does.  

Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal.