There are 1920-1930 vintage properties  with recently updated mechanicals and a new roof and there are the same vintage properties that need work. 

Upper levels with slanted roof lines cut into living space which is very outdated and much of it becomes deadspace. 

She bought a condo with lower-than-average dues, but a few months in, the HOA announced a special assessment for roof repairs.

If you have a 6 bedroom in an area that does not have a university (students looking for shared space) or is in a family friendly place it may sit vacant longer between tenants.For Capex, try not to use a generic number - look at the roof, furnace, hot water tank, kitchen - when will each need to be done and what will it cost?

Some reasonable- a roof and ceiling repair from a major leak... some not so reasonable (they literally made me escrow the cost to add a deadbolt to a door).

The cost of plumbing, drywall, electrical, roof, etc. is the same cost whether you build in Beverly Hills or in Pacoima.

I got a very good price on the building (about $25k per door), but it was a ton of work as in addition to tenant issues, there was TONS of physical distress (foundation repairs, sewer line and water line repairs, electrical upgrades, new roof, and apartment renovations needed for all units). 

I have taken all my taxes and insurance out of escrow, and I run them through credit cards to rack up points, so I pay a lot of bills every year.3.

Actually, I did attribute the coaching fees over 6 month period and thought it's fair for someone like me with no experience in STR at all to start off and have the resources, design, coach, mentor all under one roof to give it a good shot. 

Metal trusses and roof.