The difference is that your duplex, you can just hold for 30 years on that nice fixed rate mortgage if the market is soft next year.

If you take that same $300k and have it in a Roth, it can easily grow to well over several mm in value if one has a reasonable amount of time before retiring.

So they only have to factor the build cost and other soft cost.The problem at hand with a new build is finding the land, the cost of the land, clearing/prepping the land and bringing utilities in.

Soft costs, city and impact fees, .

Also, when you are calculating returns, don't forget that utilities are in your name, you need to pay for internet and Netflix, paper towels, toilet paper, laundry and cleaning supplies, extra sheets, towels, pillows, etc.  

Internet needs to be installed, dishes and cups put away and rugs, hand towels, mirrors and landscaping needs to be complete.

If the management company doesn't do anything, you could ask the tenant to reduce the smoke by putting towels under their doors or open windows.

I shouldn't laugh, my mom did the same and we thought we were uptown when we covered that awful hickory hardwood with soft, beautiful, gold, thick shag carpet. 

You need to create a UNIQUE value proposition, and in the world of STRs, that not only comes from many areas: namely the property's ability to capture attention on the platform and the guest experience from response times to questions or booking confirmations, to comfort of mattress and towels, to enough toilet paper being on site, through to checkout requirements.

Do you head to the big-box retailers, or do you have a soft spot for your local hardware store?