Creative financing options like seller financing or assuming a low-interest FHA loan can also help you secure better terms.

If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

Is interest so low that you can't justify having them more often?

I am the Chairman of the Wicosnin Real Estate Investors (formerly WAA) we do the lobbying on behalf of the Wisconsin landlords at the state level. 

I have found that the profit margins are very low in this model if the house is in a C/D neighborhood because you are limited to the amount of rent you can charge for each room.

I'd level up with a BRRRR, live-in flip, or house-hack before jumping into a challenging renovation.

The chances that you currently live in a city meeting all these criteria are low.

Long wait but I got a lot of upgrades for a very low price.

I certainly know that future years the expenses won't remain that low, but wouldn't that be a reality on a property that has a lot of recent improvements?  

We also have relatively low expenses (personal expenses, mortgage/escrow on other rental property, and escrow on current property) that are around ~$120k/year.