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I'm hoping perspective guests feel the same way.

It DOES NOT require a full gut rehab (rehab could consist of new kitchen, new bath(s), windows, flooring, paint, etc.

But I'm feeling a zennish moment. 

At the same time, I would reach out to that STR owner to try to get him to fix the nuisance issue.That said, even if you are successful in staving off the issue for now, it could come back at any time based on the current board members or on wide community support for getting rid of STRs.You could try to gather support for changing the covenants in your favor, but my gut is that that will be hard to do. 

Feel free to DM me and ill send you the excel sheet! 

Depends on the age of the building, mechanical systems, etc but good rule of thumb is 6 months of reserves liquid to feel safe

There will be a resolution, one way or another, say within 6 to 24 monthsPlease feel free to comment on anything above that does not make sense.Now my main question is: how are such notes valued?

I feel your pain. 

Waiting will allow all those zeros to feel normal to you.