You might have to put some basic furniture, but you could get $2400/month

we are building a building just like this in Columbus Ohio except vertical. we added kitchens and all studios and common commercial and mixed it in. multifamily is much easier to finance. we got a similar valuation. we don't have to buy 1 million dollars worth of furniture either. apartment hotels are what some people call them but we are underwriting affordable housing. we copied the hotel development rezoning applications in our market but went for multifamily and I had it underwritten at 15 million and we just had the number one debt placement broker look at it and appraise it for 20 million because they added a tax abatement. hotel development works because of the nightly rate and higher occupancy and no kitchens in every unit.

Don't go more than 12m lease, and even consider a 6m to test the waters, though they will push back because it doesn't given them enough runway to buy the furniture and get runway.If your PM is going to be managing them, make sure that they are just VERY diligent on collecting timely rent and get agreement to do quarterly (or so) walkthroughs/inspections to make sure the home truly is being maintained.

And that's partly because furniture stores are very far away.

Make sure you buy lightweight/cheap furniture you want in your home. 

Personally prefer SFR..Not sure about DFW but do have a realtor reference for you..be sure to budget for furniture and furnishings if not sold turn-key..a seller concession is a great way to preserve capital for MTR or STR's..check in with @Joseph Chiofalo for an investor friendly lender..he's excellent at helping structure loan programs for investments.

Second because they can’t borrow the amount over the property’s appraised value, even for the furniture.

Please don't destroy the house on your way out, sure... try to take your furniture with you... but broom swept?

They complained of the oven and crumbs under a heavy sleeper sofa they moved when the moved in some of their furniture.

That's how you get the best of both worlds.I will defer to your judgement / answers as you are going to be more of an expert in the area and I am just basing it on spending a few months there and potentially wanting to live there in the future.Maybe I chose a wrong word when I said 'poor'.I stayed in Madrid during my time and I just based my response based on discussions I had with locals and 'high level research' on the internetIt appears that unemployment rate is high in Spain at around 11 percent with a higher rate for those who are younger.A had discussions with many where they are mentioning to go outside of Spain if they want to further their career or get a higher salary.locals have told me that it is difficult to start a business in Spain from getting approval and the taxes are higher for those that are self-employed.My personal assessment, which I think agrees with yours, it will be hard to make a rental work if you target it to locals but if you target it to outsiders, you can make it work.During my stay in Madrid - I stayed in Chamberi, Lavapies, La Latina, Malasana and spend around $60 to $120 a night mostly in airbnb's(basic rooms with basic furniture).