With another we're 5 building for eventual sale. 

Due to the nature of the STR property criteria in Cape Coral, it's very rare that a STR could be converted to a successful LTR.

The property sat on the market another 3 months and eventually sold for $25,000 less than I was under contract for.

I hear ya, I think the fees are negligible but I guess it would be a option not to convert or convert portion. 

Our children are at $100 and $63/month passive income on the homes that will eventually be their first rental properties!

Hello  @Thomas Sheehan,If your goal is to invest in an apartment where you don't have to concern yourself with maintenance and cap Ex, this deal (or perhaps another with similar rents and lower price) could make sense.The downside to deals like this is that your rents could eventually hit a ceiling as newer apartments (some with more amenities) become available.

But, VA is the only "owner occupied" loan type that you can actually refinance after you have converted this to an investment property! 

So, it sounds like you may be working outside the system which could eventually bite you.

Brick v.s siding and covered v.s no converted parking also make a large difference and are items that have to be adjusted for. 

As for the window blind, I told the PM that if the tenant complaints multiple times, I would just replace it eventually.