I have gotten 2 this year so far on the market that pencil for us at roughly 50%+ return cash on cash after lending and holding costs

This way you have a free or mostly free refinance from a cost perspective. 

Recently, I conducted a cost segregation study on the property shortly after converting to a STR (converted June 1 2024), and I want to ensure I file my taxes correctly and legally given this change in circumstances.

Are you wanting the home covered at full replacement cost?

Your referencing effective age vs chronological age. 

Being abroad adds risk to your file and terms will be effected in some way or another.  

Would you mind sharing the cost?

Renovations that truly add value-like modern kitchens, open floor plans, and energy-efficient upgrades are making the difference in selling faster and at top dollar.Financing & Interest Rates: The higher cost of borrowing has made tight budgeting more important than ever.

But effective?  

For me, I could handle the increase in cost and still pay much less than If I got a 4/2 SF.