Keep in mind, adding "cute", and upgrading things won't increase your rent or ARV past what the market in that area will tell you is the max. 

Hi @Brendan Jones I moved to Nashville in late 2021 to begin my homeownership and investing career, buying a primary residence, house-hacking it, and transitioning to a long-term rental once I bought my next property (also in Nashville) so would be happy to share my experiences.There is a lot of interest in STRs in the Nashville Metro area, but the zoning has become increasingly strict over the years.

The tenant base, on average, tends to be rougher on the properties, moves more frequently, and cannot absorb any rent increases.  

And I'd argue the average rents can be increased nearly 30% based on the current FMRs in the zip code.

Our monthly mortgage payment would increase, but we would still break even.Both of our car loans have an interest rate of 4.5%.

You've given me some solid pointers/items to take into consideration for future deal analysis, so thank you for that.

If you offer a bonus based on profitability will deferred maintenance increase because they want a bonus?

Insurance is now a big factor in the expenses of investment properties, even here in Reno, NV there are areas that have had large increases for single and multifamily properties.

While less than 10% of the mortgage industry offers 40-year mortgages, here's something to factor in: they often come in with a rate increase of 20-35 bps.Assume 35 bps.$300k mortgage at 7.25% (30-year): $2,046$300k mortgage at 7.6% (40-year): $1,996Technically, it lowers the monthly, but not by much once factoring in the rate adjustment.

Would your existing tenants stomach that much of an increase?