The increasing barrier to entry results in fewer new STR's coming available for sale, but also fewer options for guests to rent. 

This location is in a 1mm population metro area, 230 units, and cost is about $1,800,000 all in.Limits of Insurance: Coverage:Liability and Medical Expenses$2,000,000/$4,000,000 Occurrence/Aggregate Comprehensive Business Liability$2,000,000 Any One Person Personal & Advertising Injury$4,000,000 Aggregate Products Completed Operations Aggregate$2,000,000 Any One Fire Fire Damage$25,000 Occurrence Customers' Goods Legal Liability Deductible: $0$25,000 Aggregate Sale and Disposal Liability Deductible: $1,000$10,000 Any One Person Medical Payments $1,000,000 Occurrence Hired Non-Owned$300,000 Each Employee Employee Benefits Liability$25,000/$25,000 Per Claim/Aggregate Employment Practices LiabilityLoc Class Desc Coverage Limit Ded Valuation Type 1 Self-StorageBlanket Building & Business Personal Replacement Cost Property $2,100,000 $25,000Earthquake IncludedSinkhole IncludedWindstorm or Hail Included 5%Business Income Actual Loss Sustained 24 MonthsPollution Clean-Up & Removal $100,000Employee Dishonesty $15,000Money & Securities - Inside $10,000Money & Securities - Outside $5,000Accounts Receivable $25,000Electronic Data $20,000Valuable Papers & Records $25,000Fine Arts $10,000Employee Personal Property $10,000Limited Pollutant Removal $25,000/$100,000Cosmetic Loss Limitation IncludedEquipment Breakdown Protection IncludedPremium, Fees, and Taxes: BOP Premium: $ 7,760.00Optional Terrorism Premium: $ 31.00Total Premium: $ 7,791.00Key notes:a.

We typically have a specific criteria of contingencies we are putting into place within the purchase and sales agreement to help protect our investor clients from many of the issues that arise when inherenting tenants.

The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

It’s super important you prioritize the end product: something that gets the job done well as an STR.  

Since you can't control the sale price, you basically have a $4k cushion to your reno costs, or otherwise you lose money compared to the as-is scenario.

LexisNexis has a product called "Accurint".

PM me you're number if you'd like.I don't have any "opportunities" or property for sale or rent at this time or anything else to offer other than info based on my experience.

This is a current sale going on in my area.

Ensure that the mortgage is assumable, and confirm that there are no due-on-sale clauses that could trigger the full loan balance.