This has become challenging due to an increased interest in the historic district in Dubuque due to revitalization plans that include 18 million dollar investment into the historic downtown area. 

I have some data that I would like to share with you.

The sellers were only taking cash offers so we didn't look into SBA financing, but I think it would have been hard to do since there wasn't the right amount of historical cash flow.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I have a rare opportunity to purchase a beautiful old historic inn that I've had my eye on for about 15 years that just came on the market.

With all respect to AirDNA and the amazing data they provide for STR owners, their pricing tool is not on par with most tools available there. 

I've been researching servicers and building data on a very small list.

The other tip I would say is really get a good relationship going with a realtor in the area if you do not have one to give you the exact data you are looking for to be successful.

Don't worry about minor complaints, you are doing a fine job.Just one question, ALL sites have a delay in data from MLS updates, and from court reported information, and so on, is that a function of a monthly update routine or can the information be updated a little more frequently? 

I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.