Moreover, other investment strategies are worth exploring if you are predominantly interested in high-yield cash flow; these include rent-by-the-room (which Josh and I are well-versed in), short-term rentals, and medium-term rentals.

Code for your area may include plumbing, electrical, bedroom windows (proper height, width and clearance for egress), some areas require sheet rock around the heater and hot water heater. 

We leave a quarter width gap in the back so that if the wax ring ever fails we know immediately from water seeping around the back of the base instead of through the ceiling below.It's rare, but sometimes we get called back for a sewer odor.

The appreciation for the property is definitely going to be long term and not short term, so selling now isn’t ideal.The property manager agreed to market it as a medium term rental, so we’ll try that, but it's new to both of us, and it seems like it would have to rent at $3700 to be profitable; does that seem too high to the folks here?  

*This is the second post in Winston-Salem NC Market Data Thread*Winston is a medium sized city positioned to the west Greensboro NC, supporting a population of just over 250,000 within cities limits and MSA of ~681,000 and employing about 309k people.

I think that you are confusing the concept of value with the concept of "medium of exchange."

Our second purchase (first actual pure investment) was a studio condo in the same area and operated as a furnished medium-term rental.

If we did split it four ways it would be over an acre per slice and it does seem to meet all the requirements (such as minimum lot width and road frontage etc.) for its current zoning as a four parcel set up.  

My personal risk assessment that I suggest to my clients would look at a worst case scenario of long term rent (12 month lease), furnished medium (30 days or more), and for short term.

I have other medium term rentals in TX that tend to rent out for 90 days but I only require 30 days.