If you want to do STR, you want to get as close to the PATH or light rail as possible.

I don’t see anything glaringly wrong with their concept but 2 things have caused a red light.  1.

Renovated: Added granite, high end finishes and fixures, landscaping, new flooring and painting throughout.

Make sure utilities are available, and that you have tap fees included in your estimate, as well as engineering (site plan), architectural plan, and other bits you might need to consider for your market (landscaping and costs of sale, for example).

.✅ Secondly, good cause has a max cap on yearly rental increases at a certain margin above CPI or 10%, whichever is less.For those of you who own stabilized, high quality housing like we do, this shouldn’t be a problem.But instead of keeping rents flat because you are a nice person or increasing just a little bit, you could get yourself in trouble when it comes to funding future major repairs and capital expenditures.As long as you are increasing to what the market will bear, you will be in good shape.Also if you are looking at purchasing blighted, dilapidated housing with the intent of raising rents and financing improvements to the property, you will have to take this into consideration and buy accordingly and on in place rents not projected rents.On the implementation side, however that pans out, you might be able to get these necessary rent increases to finance repairs but you may need to go to housing court in order to get the green light but we are just not sure at this point and remains to be seen.✅ Thirdly, in regard to objectionable tenancy and nuisance caused by disruptive tenants, you will need to document these violations with undeniable evidence.Because police reports are not usually able to be procured due to disturbances like drug trafficking or domestic violence, you’ll need to take matters into your own hands on producing that documentation.I recommend getting security cameras installed in all common areas and outside your properties.I’ve used SimpliSafe security cameras but you’ll need to install WiFi service at your properties so that you can maintain recordings in the event of violations and add to your lease that any tampering with said cameras constitutes a lease violation as well.This is still developing and once we get further clarity, we will host a round table with legal experts on how to best protect our properties and residents.

Your cleaner (have a back up one you use as well I suggest) from Turno or local Facebook groups and then handyman, electrician, HVAC, plumber, landscaper, etc from local facebook groups, thumbtack, or google. 

Property was sitting on market and needed light updates (roof, flooring, paint) but was in a great area that allows STRs giving me multiple options when deciding on rental strategy How did you find this deal and how did you negotiate it?

Same as Isha here...would love to hear how things are going in light of the new market conditions.  

What would be the price ranges of Class A, B and C properties in your markets of move in ready or something with light repairs (where a buyer could get a conventional loan, not a distressed property)?

Hey Dan, shoot me a DM, I'd be happy to jump on a call and shed some light on the rent data.