It’s somewhat rare to find 1% deals here, and the ones that are out there are typically in less desirable locations, maybe with high crime or close to industry, or they are in poor physical condition and have extensive deferred maintenance, or they require management-intensive strategies to operate like renting by the room or they have other issues.

To each their own.You have to look at your net worth and annual income and decide if long term equity growth and less headache is the main driver or higher cash flow with a more intensive asset?

STR can be very labor intensive so it's forced me to try and automate and be hands off even though I'm close so I can recreate this system in a location more remote.

You can save a ton of money using day labor but it's also much more management intensive on your part to oversee/guide/manage. 

If my research is correct we're looking at a 1895 build-- which is problematic and maintenance intensive due to its age and many nuances like the fact that these houses were built before people had modern amenities like kitchen appliances so often times the floor plans are not functional and cost prohibitive to do so.  

Driving for dollars is definitely a good way to generate leads but will be very time intensive.

That's like saying you can't find people that like to play basketball at parks.

.- The most streamline way to do what I think you are talking about would be to lease out an entire apartment building, and then do the retrofit, which at that point is less intensive as all the infrastructure for residential is already in the building, but again, you'd need to find an asset that was distressed enough to be empty, or close to empty all at once for you to lease out and build out, and the question I have there is if its empty for you to lease, why would anyone want to stay there in a hotel?

It's saving us a fortune but it's much slower going and much more management intensive.

This business is stressful and cash-intensive and that can stress your marriage (from personal experience), so do keep that in mind.