Quote from @Greg Kasmer: I'm curious as to your comment on getting back in when the bottom has been "somewhat defined" - Is that defined by rents stabilizing and/or increasing or another metric?

I will mention that a hot tub could really increase the frequency of bookings. 

That profit will increase over time and improve your return. 

Also, watch out for any litigation or construction issues that could lead to HOA fee increases down the road.Alternatively, you could consider a good deal on a single-family home or a 2-4 unit property.

However, these costs can often be added to your property's basis, which helps reduce capital gains tax when you sell the home.Once the property is officially a short-term rental, subsequent repairs and maintenance would likely qualify as deductible expenses. 

This was in a middle class neighborhood and I get why that is less risk however with apartments increasingly including laundry, I would imagine demand lessening in that location. 

The allowable rent increase is not typically the big issue with rent control, the bigger issue is getting rid of poor tenants that pay their rent.

Follow up with an email to the agent and bullet point your case, which increases the chance that the owner will actually hear them7.)

the key to a BRRRR, whether it's going to be an STR or LTR, is this:distress.you need to find a significantly distressed property, such that you can increase the ARV via the rehab. 

So if they moved in May 2022 they have been there over 2 years which means you need to give them 90 days notice of an increase of more than 5% (from my understanding if the increase is less than that then you don't need to give that much notice, but that is not entirely clear).