With fresh paint throughout inside and out, brand-new roof, dual HVAC systems, updated water heater, stainless steel appliances, lighting fixtures, outlets, countertops, and PEX plumbing just to name a few.

For you to ask this, you're valuing that "16% CoC" so highly it's likely overriding the real material aspect of the investment.

These are key aspects of working with an agent especially in an area like that with the STR market.

Just work the cost into the price aspect.

If you are looking for a GC who will take care of all aspects of the project, you are going to pay a premium.

Look for homes with updated systems—new plumbing, HVAC, roofing, and windows are essential for long-term value and tenant satisfaction.

One thing to watch out for is the financing aspect of it - could be a hurdle getting a loan if the transaction is "non-arms length" - i.e. between "Friends" - might be worth looking at seller financing too

Quote from @Ariel Nixon:  Yes it is always too good to be true when Cash Flow is through the roof. 

Its extremely important when running tighter margins like what you're talking about to focus on age of HVAC, water heater, appliances, roof, etc.

@Robert Lum  you bet you can troll around a site like BP read their books listen to the pod cast of those that are successful and talk about their business's.. its inspiring and motivational.but if you really want to learn the nuts and bolts you need to get in the game.the best and least expensive way to do that is to simply take a pre license course in your state.. learn the laws ( the real laws not the BS that is talk about on line).. terminology etc. then go to work with a brokerage in the aspect of Real estate that interest  you.. there you will get REAL training by those that are successful you get on a team.. you get paid as you learn.