I would not add much, a simple bedroom, bathroom, kitchen, and hvac.Another aspect of this deal is that the building is listed as a historic building and thus could qualify for some grants. 

Looking to do some deal analysis to gain some experience and then on to my first deal.

It is still a good deal and the numbers work great!

10% is probably a little steep, and like John said, a flat fee may be more reasonable.Setting up a proper STR is not cheap, but once you are set up properly, you deal with routine breakage.I recommend managing yourself and saving the 20% personally, getting a rockstar cleaning team and a reliable handy person, using something like Hospitable that can help automate messaging when listing, and reading the book from the bookstore here called Short-Term Rental, Long-Term Wealth.

Location is one of the key components of owning real estate and given your location the trash may just be something you have to deal with.

How did you find this deal and how did you negotiate it?

You'll be able to learn what to look for in a great deal & how to be a great landlord.

I've come across quite a few deals but haven't investigated since I don't currently own anything that is out of the area.

The most common portals I found in my search were: Syndication Pro, InvestNext, Groundbreaker, Investor Deal Room, Cash Flow Portal, and Juniper Square.

Here are the four things I order  1- BPO (150.00)2- home inspection (350.00)3- pre-lim (225.00 maybe free)4- appraisal. (500.00) That 1225 tells me everything I need to know and I’ll kick the deal at each stage if the numbers don’t perform.