Finally closed it at a 12+ cap on in-place.

page=LoadVirtualDoc&BookmarkID=6536) that capped annual increases to the Taxable Value of a property to the lower of 5% or Michigan's Cost of Living increase.

If you are looking to avoid cap gains on one, ok, but paying you a little more to become the bank is not whipped cream on a sundae to me, it's like one old walnut.

Your other levers are revenue (which as you mentioned is capped) and expenses (which congrats to you are low).

That kind of restriction just doesn’t work for someone like me.I’m trying to figure out if I might be missing something in how I’m approaching this or if others have insights or examples of towns that not only allow STRs but also have laws that offer enough flexibility to operate in the way I’m aiming for.Many towns technically permit STRs but impose restrictive rules like membership requirements, ownership duration limits, or rental day caps, making operations challenging.

I think it really depends on if you are able to increase that cap rate with value-adds post acquisition.

That's what keeps investors like yourself holding on because the cash flow is non existent between management fees and cap ex which may not present itself in year 1, but when it does, its crushing in these lower price point properties.

Could you please let me know what cap rate you can get in Canton in the better areas with better schools ? 

Markets that have 8%+ on stabilized cap rate deals. 

We had a rental in FW & we kept a separate account for Cap X repairs and thankfully we did.