@Worth Styles - if you can get 60 - 80% prepayment before you start a job, bulli to you, but very few folks are so specialized and without competition they can command such an advance - and those who are unlikely to remain as such. 

Smaller, less desirable markets command higher cap rates. 

I usually see at least 15% IRR on the hurdle but I'd assume the operator is very experienced if they are commanding these fees..which usually makes up for it. 

@Steve Williams, Student Rentals definitely command higher rents, but you really have to know what the geographical Student Housing areas are and the rental culture of the school.

do you command a higher rent price for laminate?

. -$10K renovation still seems light even if it's DIY, at least to the extent where it will make a significant difference in the appeal of your listing photos and command a higher ADR.

Lastly, this is a specialized area of real estate that requires expertise and an excellent command of the governing laws and processes.

I may need to move in the next few months but am awaiting the word of my Commander.

If a broker handed me $80k homes in decent areas that commanded $1300/mo rent I’d back the truck up with my capital partners.

You screen tenants, create remodel budgets, hire contractors, and command a monthly rent (income).